Pre-revenue Business ModelWithout operating revenue, CMX depends on external financing, asset sales, or partner funding to advance projects. That structural reliance increases dilution risk, makes long-term planning contingent on capital markets, and limits sustainability absent a clear near-term revenue pathway.
Deteriorated Balance SheetNegative equity and rising debt materially weaken solvency and leverage the company's balance sheet. This structural deterioration constrains financing options, raises refinancing risk, and can delay or deter partners and lenders needed to fund exploration and development.
Persistent Cash BurnConsistent negative operating and free cash flow mean the firm must repeatedly raise capital or enter partnerships to fund exploration. This sustainable cash deficit creates ongoing dilution risk and can force project slowdowns if external capital is constrained.