Pre-revenue ProfileNo operating revenue means the business depends entirely on capital markets or partners to fund operations. This structural lack of cash generation prolongs reliance on external financing and increases dilution or financing risk until an economic resource is defined and monetized.
Weak, Volatile Cash GenerationIrregular and negative operating and free cash flows elevate execution risk for exploration programs. Volatile cash burn complicates multi-year planning, increases probability of opportunistic financings, and can delay or scale back value-accretive drilling and studies.
Negative Returns; Widened Losses In 2025Negative ROE and renewed widening losses indicate the company is not yet translating investment into positive returns. Persistent losses against a growing equity base suppress long-term shareholder returns absent a clear path to resource economics or revenue generation.