Lack Of RevenueThe absence of operating revenue means the business has not yet monetized its asset base; this is a structural weakness. Without established revenue streams, the firm depends on non-operating items and financing, making sustainable operations and reinvestment uncertain.
Persistent Cash BurnConsistently negative operating and free cash flow forces repeated external financing and increases dilution risk. Over months, ongoing cash burn limits ability to fund exploration or capex internally and elevates execution and survival risk absent durable cash-generation improvements.
Earnings Quality & Capital VolatilityThe disconnect between reported TTM profit and cash flow implies earnings are driven by non-operating items or accounting adjustments. Coupled with historical swings in equity, this raises questions about asset quality and the sustainability of results and signals structural volatility in capital structure.