Pre-revenue With Widening LossesBeing pre-revenue while losses widen erodes capital and increases dependency on external funding. Without operating revenues to offset costs, management must secure financing to sustain programs, creating dilution and execution risk that can impede project advancement over the medium term.
Consistent Negative Cash FlowPersistent negative operating and free cash flow forces recurring capital raises or partner financings to continue exploration. This reliance increases timing and dilution risk, constrains strategic choices, and can delay or scale back programs if market access to financing weakens in the coming months.
Balance Sheet Volatility HistoricallyHistoric swings into negative equity indicate past capital instability and valuation pressure. That volatility can undermine investor and lender confidence, raise cost of capital, and make future financings more dilutive or conditional, increasing structural financing risk over the medium term.