Pre-revenue With Recurring LossesThe company’s pre-revenue status and persistent operating losses mean it cannot internally fund meaningful exploration or development. Over time, accumulating deficits erode equity, limit strategic options, and force recurring external capital raises that can delay project advancement.
Consistent Negative Cash FlowSustained negative operating and free cash flow is a structural weakness for an explorer: it necessitates continual external financing, increases execution risk if markets tighten, and can lead to more dilutive or unfavorable JV/partner terms that impair long-term value creation.
Sharp 2025 Deterioration In ResultsThe large 2025 loss and collapse in equity materially weaken the balance sheet and reduce negotiating leverage with partners and financiers. This structural deterioration shortens the time available to secure supportive capital and raises the probability of highly dilutive funding.