Persistent Cash BurnSustained negative operating and free cash flow (~ -$4.3M to -$4.5M TTM) creates a structural need for external capital. Over 2–6 months this can force dilutive equity raises or dependent JV terms, constraining strategic autonomy and project pacing.
Pre-Revenue, Recurring LossesZero operating revenue and recurring multi‑million dollar losses mean the firm lacks self-sustaining cash generation. Structurally, this extends time to positive cash flow and increases reliance on financings or asset sales to continue exploration and preserve equity.
Negative Returns On EquityPersistent net losses producing negative ROE erode shareholder capital over time. This structural weakness can shrink the equity buffer, worsen funding terms, and impair the firm's ability to attract partners or finance project stages on favorable economics.