Pre-revenue With Widening Net LossesThe company remains pre-revenue with materially widening net losses, which erodes shareholder equity and increases dependence on external capital. Without revenue or clear near-term monetization, persistent losses undermine sustainable profitability and investor returns.
Structurally Negative Operating And Free Cash FlowConsistent negative operating and free cash flow indicates structural burn from exploration activity, requiring continued capital raises. Rising burn reduces runway, limits strategic optionality, and places ongoing pressure on management to secure funding rather than focus solely on project execution.
Reliance On External Funding And Dilution RiskRegular equity financings and private placements signal a structural reliance on capital markets. This raises dilution risk for existing shareholders and can constrain long-term NAV accretion until the company demonstrates resource conversion or cash-generative operations.