No Revenue / Persistent LossesThe company lacks operating revenue and reports recurring losses, a structural weakness for any explorer. Over the medium term this means ongoing dependence on capital markets or partners for survival; absence of revenue also limits internal reinvestment and exposes shareholders to dilution and execution risk.
Negative Cash GenerationConsistent negative operating and free cash flow indicate ongoing cash burn and reliance on external financing to advance projects. This pressure is enduring for pre-revenue juniors and increases financing risk, potential dilution, and the chance that project timelines slip if partner or market funding is delayed.
Negative Returns On EquityAn equity-heavy capital base paired with sustained losses means shareholders' capital is not producing positive returns. Over the medium term this can erode investor appetite, force dilutive capital raises, or require strategic changes (asset sales, joint ventures) to restore returns and justify the equity base.