Negative Operating Cash FlowConsistent and material cash burn forces recurring capital raises or partner deals to fund exploration. Over a multi-month horizon, negative operating and free cash flow constrain the pace of programs, increase dilution risk, and make the company dependent on external financing timing and terms.
Persistent Unprofitability & Weak MarginsNegative gross profit and substantial net losses indicate the company has not demonstrated operating leverage or margin sustainability. Over time, inability to move toward positive margins undermines returns on capital and limits capacity to self-fund while increasing reliance on non-operational monetization events.
Reliance On Equity FinancingDependence on equity raises and warrants is structurally dilutive and ties program continuity to capital markets access. In periods of market stress or weak share sentiment, funding shortfalls can delay exploration, force fire-sales of assets, or require more onerous partner terms, harming long-term shareholder value.