No Revenue And Persistent Net LossesZero operating revenue and recurring multi‑million net losses mean the company cannot self-fund growth. Over the medium term this erodes shareholder equity, limits reinvestment ability, and forces dependence on external capital unless a sale/JV or major financing occurs.
Sustained Negative Operating And Free Cash FlowConsistent, material cash burn indicates exploration expenses translate into real outflows rather than non‑cash charges. This structural cash deficit constrains program continuity, increases financing frequency risk, and can force cutbacks or slower project advancement in tighter markets.
Reliance On External Financing (equity) Instead Of Operating CashA funding model dependent on equity and financings creates persistent dilution risk and links project progress to capital‑market access. Until a JV, sale, royalty or production occurs, the company’s pace of exploration and ability to capitalize on discoveries will hinge on investors' willingness to fund further rounds.