No Revenue And Persistent LossesZero operating revenue and recurring multi‑million dollar losses mean the business lacks internal cash generation and has no operating scale. Over months this erodes equity, raises execution risk for advancing projects, and makes strategic milestones dependent on external capital or partner deals.
Sustained Negative Operating And Free Cash FlowConsistent negative operating and free cash flow represent an ongoing cash burn that must be financed externally. This persistent outflow constrains the pace of exploration, increases the likelihood of dilutive financings, and raises the probability of project delays if capital markets or partners are unavailable.
Reliance On External FinancingA business model dependent on periodic financing is vulnerable to market windows and dilution risk. Over the medium term this reliance can limit strategic autonomy, stretch timelines for asset advancement, and make successful JV or sale outcomes essential to sustain operations.