No Revenue And Recurring LossesAbsence of operating revenue and recurring net losses mean the business has not demonstrated economic viability from operations. Over the medium term this forces dependence on external capital, prevents internal reinvestment, and delays any move toward sustainable, self-funded production economics.
Consistent Negative Operating And Free Cash FlowPersistent negative operating and free cash flow indicate ongoing cash burn tied to exploration and corporate overhead. This structural cash deficit elevates financing risk, can compress timelines for technical studies and permitting, and increases the probability of dilutive capital raises or asset disposals.
Balance-sheet Weakness: Negative Equity, Shrinking AssetsNegative equity and shrinking asset base reflect an eroding capital buffer, reducing creditor and investor confidence. Over months, this constrains options for non-dilutive project finance, raises dilution risk for shareholders, and undermines the firm's ability to withstand development delays or higher-cost funding environments.