Pre-revenue Business ModelWithout operating revenue, the business remains reliant on external capital to fund programs. That structural funding dependency increases dilution and execution risk, and limits ability to self-fund growth or sustain longer-term operations absent a financing or transaction.
Weak Cash GenerationPersistent negative operating and free cash flow means the company cannot internally finance exploration or convert assets to cash. This amplifies reliance on markets or partners and constrains strategic options if market access tightens over the medium term.
Small Scale And Limited Internal CapacityA one-person headcount and declining equity base signal limited in-house execution and thin organizational capacity to advance multiple targets. This increases dependence on contractors, partners and external funding, raising operational and delivery risk.