No Revenue And Large Net LossesThe company reports no revenue while incurring a substantial TTM net loss (~$7.9M), a fundamental constraint on self-sustainability. Over the next 2–6 months lack of operating revenue means outcomes hinge on financing or discovery milestones, increasing execution and dilution risk.
Consistent Negative Operating Cash FlowPersistent negative operating and free cash flow indicates ongoing cash burn that erodes reserves and forces reliance on external capital. This structural cash deficit constrains program continuity, raises dilution risk, and limits ability to self-fund exploration over the medium term.
Volatile Equity And Balance-sheet SwingsSharp year-to-year swings in reported equity and assets signal financing or revaluation volatility that undermines predictability. Such balance-sheet instability complicates planning, increases investor uncertainty, and may reflect dilutive financings or episodic capital events over the coming months.