No Revenue / Persistent LossesLack of operating revenue means the business remains exploration-stage and cannot self-fund. Persistent losses force reliance on external capital and make it harder to attract non-dilutive financing or long-term strategic partners, constraining sustainable progress over the coming months.
Sustained Cash BurnOngoing negative operating cash flow depletes resources and forces repeated capital raises. Structurally, sustained burn increases dilution risk, shortens the time to next financing, and limits the company's ability to fund larger drill campaigns or accelerate project advancement without new capital.
Eroded Equity BaseMaterial shrinkage of shareholders' equity over several years reflects repeated losses and dilution, reducing the balance-sheet buffer. This structural erosion limits financial flexibility, heightens reliance on new issuances, and can deter larger strategic partners seeking stronger sponsor capital positions.