No Revenue GenerationConsistent zero revenue and negative gross profit mean the company lacks operating scale and cannot cover basic costs from sales. This structural absence of revenue prevents self-sustaining operations, increases reliance on financing, and impedes long-term margin improvement without new commercial assets.
Negative Equity And Rising LeverageNegative shareholders’ equity and materially higher debt signal accumulated losses and thinner asset cushions, raising refinancing and solvency risk. Structurally weak capital position constrains strategic flexibility, increases cost of capital, and may limit ability to withstand prolonged exploration cycles.
Persistent Negative Cash GenerationOngoing negative operating and free cash flow indicate structural cash burn that necessitates external funding for operations or projects. Continued negative cash generation increases dilution or debt risk, restricts reinvestment capacity, and threatens continuity absent consistent capital access or a switch to positive cash operations.