Persistent Net LossesWidening annual losses underscore an ongoing inability to generate operating profits from core activities. Over months this erodes retained capital, increases dependence on external funding, and raises the risk that future financing needs will dilute shareholders or constrain strategic options.
Negative Operating Cash FlowSustained negative operating cash flow signals structural cash burn that cannot be covered by operations. This creates recurrent financing requirements for exploration programs, increasing dilution or limiting project scope and making long-term planning contingent on successful capital raises or partner funding.
Pre-commercial, No Revenue Track RecordA complete absence of revenue leaves the business model unproven and valuation dependent solely on exploration outcomes. Structurally, this heightens execution risk: until resource delineation or commercial partners are secured, the company lacks recurrent cash generation to de-risk future development phases.