No RevenueThe company has generated no revenue for multiple years and remains pre-revenue, meaning the business lacks internal cash generation to fund operations. This structural dependence on external capital raises execution risk and dilution potential until a development pathway produces stable income.
Persistent Cash BurnConsistent negative operating and free cash flow indicate ongoing reliance on financing to sustain exploration and G&A. Persistent cash burn compresses strategic optionality, increases the frequency of capital raises, and elevates the risk that funding conditions deteriorate if markets tighten.
Eroding Equity And Asset BaseSharp declines in equity and total assets materially weaken the balance sheet cushion, reducing the company's ability to absorb further losses or collateralize financings. A thinner asset base makes future capital raises more dilutive and constrains capacity to scale exploration activities without significant new capital.