No Revenue And Recurring LossesZero historical revenue coupled with recurring material operating losses means the company lacks operating cash generation and has not reached commercial production. This structural lack of revenue forces dependence on external capital, delays self-funding of projects and raises execution risk over the medium term.
Persistent Negative Cash FlowSustained negative operating and free cash flow indicates ongoing cash burn that cannot be covered by operations. Over months, this compels repeated financing, increasing dilution or financing cost risk, and can impede consistent funding for exploration or development activities critical to advancing a mining project.
Negative Shareholders' EquityA negative equity position means liabilities exceed recorded assets, weakening balance-sheet resilience. This structural capital deficit heightens the likelihood of dilution when raising funds, reduces borrowing capacity, and undermines investor confidence in the company's ability to finance long-term development.