No Revenue And Rising LossesPersistent pre-revenue status and sharply deeper TTM losses signal structural operating risk: without operating cash inflows the company must repeatedly access capital markets or partners, increasing dilution risk and constraining the ability to self-fund sustained exploration campaigns.
Consistent Negative Cash FlowLarge, recurring operating and free cash outflows represent a durable funding pressure. Rising absolute cash burn increases probability of near-term financing needs, may force accelerated or dilutive raises, and limits runway to advance drill programs or convert targets to resources.
Eroding Capital BaseDeclining equity reflects cumulative losses reducing the company’s capital cushion. That weakens balance sheet resilience to exploration disappointments, raises creditors' and partners' scrutiny, and increases reliance on external financing at possibly adverse terms over the medium term.