No Revenue And Sustained LossesThe absence of recorded revenue and persistent TTM net losses (~$6.5M) mean the company is not yet self-sustaining. Continued operating losses erode capital, prolong dependence on external funding, and increase execution risk until consistent sales and margins are established.
Negative Operating And Free Cash FlowConsistent negative operating and free cash flow (~-$4.5M TTM) materially constrain runway and investment capacity. Structural cash burn forces recurring financing, which can be dilutive or costly, limiting the company's ability to scale exploration, development, or sustaining capex without external capital.
Volatile Leverage And Prior Negative EquityPrior negative equity and a TTM debt-to-equity around 1.45 indicate volatile capital structure and elevated leverage. This increases refinancing and creditor risk, restricts strategic flexibility, and can raise financing costs, making long-term project advancement more fragile during adverse conditions.