No Revenue (pre-production)Absence of operating revenue means the business model is unproven and the company cannot self-fund operating costs. Over a 2–6 month horizon this elevates execution and financing risk, since progress depends on successful exploration outcomes or external capital.
Worsening Losses And Cash BurnMaterially larger TTM losses and a return to negative operating and free cash flow compress runway and increase near-term financing needs. This persistent cash burn raises the probability of dilutive financings and constrains the company’s ability to advance projects without external capital.
Declining Equity / Dilution RiskA significant drop in shareholders' equity signals capital erosion from losses and/or financing activity. This reduces the balance sheet buffer, heightens vulnerability to adverse outcomes, and implies a higher likelihood of future dilution to fund operations or exploration.