No Reported RevenueThe absence of operating revenue and sustained negative EBIT mean the company cannot self‑fund exploration or development from operations. This structural profitability gap increases dependence on capital markets or partners and limits internal reinvestment capacity over the next several quarters.
Persistent Cash BurnConsistent negative OCF and FCF signal ongoing cash burn and rising funding requirements. Over a 2–6 month horizon this creates durable dilution or fundraising risk, forces prioritization of projects, and can slow advancement of resource definition absent committed financing or partner funding.
Exploration‑Stage Execution RiskAs a non‑producing exploration company, conversion of targets to economic resources is uncertain and timeline‑intensive. Combined with a very small team (Employees: 3), the firm faces structural execution and scalability risks that can prolong development, increase reliance on contractors and partners, and delay any steady cash generation.