Zero Operating Revenue And Persistent LossesNo operating revenue and ongoing net losses mean the company cannot self-fund growth or development. Structural unprofitability forces reliance on financing or asset disposals, reduces internal reinvestment ability, and keeps long-term viability tied to exploration success.
Reliance On External Capital To Fund ExplorationDependence on capital raises is a persistent structural risk: market access and timing dictate project pacing and dilution. Extended market weakness or higher financing costs can delay programs, force unfavorable transactions, or dilute existing shareholders, constraining long-term progress.
Very Small Operating TeamAn extremely small headcount constrains in-house technical, permitting, and operational capacity, increasing reliance on contractors and partners. This can slow decision-making, elevate execution risk, and create key-person dependency that affects project delivery and continuity.