Pre-revenueBeing pre-revenue means the company cannot self-fund operations from product or service sales. Long-term value depends on successful exploration discoveries or asset sales, which are binary events and increase dependency on external financing and execution risk.
Operating Cash BurnSustained negative operating cash flow drains liquidity and forces repeat capital raises, raising dilution risk and possibly slowing technical programs. Persistent OCF deficits constrain the company’s ability to scale exploration intensity without external funding.
Weak ReturnsA materially negative ROE reflects that invested capital is not generating returns and highlights the speculative nature of current assets. Until exploration results convert to monetizable value or JV deals, capital is likely to produce negative accounting returns.