No Revenue / Operating LossesThe company generates no revenue and records materially negative operating results, reflecting an exploration-stage business that is not self-sustaining. Without operational revenues, continued progress depends entirely on successful financing or asset transactions, heightening execution risk.
Negative Shareholders' EquityPersistently negative shareholders' equity signals a structurally weakened balance sheet that limits strategic flexibility. Negative equity raises insolvency and refinancing risks, constrains access to non-dilutive capital, and undermines capacity to absorb unexpected costs during multi-year exploration cycles.
Persistent Cash BurnConsistent negative operating and free cash flow demonstrates ongoing cash burn and dependence on external funding. Even with some improvement, persistent negative cash generation forces frequent financing, increasing dilution or leverage risk and threatening project continuity absent monetization events.