Pre-revenue OperationsZero operating revenue is a structural constraint: until a producing asset or firm JV revenue appears, the company cannot self-fund growth. Persistent losses mean long-term value depends entirely on exploration success or external financing, raising execution and dilution risk for investors.
Sustained Cash BurnMulti-million negative operating and free cash flow is a durable pressure that requires repeat capital raises or partner funding. Ongoing cash burn risks dilutive financing, delays to programs if markets tighten, and can force asset sales or unfavorable joint-venture terms that affect long-term project economics.
Very Small Operating TeamA tiny headcount constrains internal capacity to manage technical, permitting, stakeholder and financing processes across multiple projects. Reliance on contractors and external partners may slow execution, increase costs, and raise governance and continuity risk during critical multi-month exploration and development phases.