No Revenue And Persistent LossesAbsence of operating revenue means the firm remains exploration-stage with no organic cash inflow. Persistent multi‑million losses erode resources and force reliance on external capital; without a near-term discovery or new revenue source, business viability depends on continued funding.
Sustained Cash BurnNegative operating cash flow of roughly $4M TTM requires recurring capital raises or partner funding. Continued burn shortens runway, raises dilution risk, and limits ability to execute exploration programs or scale operations without secured financing over the next several months.
Deeply Negative Returns And Equity VolatilityNegative ROE and volatile equity reflect poor capital efficiency and likely dilution history. This undermines investor confidence and can complicate future fundraising terms, making it harder to secure stable, low-cost capital needed for sustained exploration progress.