Pre-revenue Business ModelThe company has no recorded revenue, meaning its business model has not yet converted assets or exploration activity into cash-generating operations. This structural absence of topline leaves long-term viability contingent on successful project development or financing execution.
Persistent Negative Cash FlowContinuous negative operating and free cash flows denote ongoing cash burn and a structural funding need. Over the medium term this creates dependency on external capital, raising dilution and refinancing risk until the company achieves sustainable positive cash generation.
Rising Leverage And Higher Balance-sheet RiskA sudden increase in debt with debt now exceeding equity materially raises financial risk. For a pre-revenue company with negative cash flow, higher leverage tightens flexibility, increases repayment/refinancing pressure, and elevates the probability of distressed outcomes if operations do not improve.