No Revenue / Persistent LossesAbsence of operating revenue and recurring net losses mean the company cannot self-fund exploration or development. Continued losses increase the need for external capital, raising dilution risk and potentially delaying advancement milestones over the medium term.
Negative Cash Flow / Ongoing Cash BurnSustained negative operating and free cash flow indicates a funding gap to sustain operations and project work. Reliance on balance sheet resources or capital markets for months ahead elevates execution risk and timing uncertainty for permitting, drilling, or pre-development activity.
Very Small Operating ScaleA three-person headcount signals limited internal capability to execute complex permitting, engineering or development programs. Heavy reliance on external contractors or partners increases execution and coordination risk, potentially slowing project delivery over the next several months.