Pre-revenue And Persistent LossesNo revenue and repeated operating/net losses mean the firm cannot self-fund exploration long-term. Absent a discovery or a transaction, persistent losses will continue to deplete resources, forcing external raises and constraining the pace and scope of exploration work.
Negative Shareholders' EquityEquity turning negative reflects cumulative losses that have materially weakened the balance sheet. Negative equity limits access to debt financing, increases the likelihood of dilutive equity issuances, and reduces counterparty confidence for joint ventures or project financing.
Consistent Cash Burn And Weak Cash GenerationOperating and free cash flow have been deeply negative, producing roughly $1.0–1.1M annual cash burn recently. This persistent outflow creates ongoing funding needs, heightens dilution risk from frequent equity raises, and can force program reductions absent reliable capital access.