No RevenueThe absence of any revenue means the enterprise remains entirely funding-driven rather than market-driven. Over the medium term this keeps valuation and sustainability tied to financing and exploration outcomes, not cash generation.
Persistent Negative Operating Cash FlowConsistent negative operating and free cash flow implies ongoing reliance on external capital. That structural funding need increases dilution or creditor risk, limits strategic options, and can constrain project execution if markets tighten.
Erosion Of Equity And AssetsA steep decline in equity and total assets over several years materially weakens the balance sheet, reducing borrowing capacity and resilience to further losses. This deterioration constrains growth options and raises solvency risk if negative trends persist.