Pre-revenue Operating ModelNo operating revenue constrains long-term self-sustainability and forces reliance on external capital. Without a revenue ramp, cash needs and project timelines remain uncertain, increasing execution risk and making strategic planning dependent on financing availability.
Persistent Negative Operating And Free Cash FlowConsistent negative operating and free cash flow indicate the company cannot self-fund exploration or advancement. The volatility in cash flows magnifies financing timing risk and can delay drilling or studies, impairing resource development and long-term value creation.
Dilution / Funding Risk As Losses ContinueOngoing losses without revenue growth raise the probability of future equity raises, which can dilute existing shareholders and constrain capital-allocation flexibility. Repeated financings may slow project timelines and reduce long-term return potential for investors.