Zero Reported RevenueWithout recurring revenue, the company is fully reliant on transaction or commodity‑driven receipts, which are irregular. This structural absence of operating revenue reduces predictability of cash flows and increases dependence on financing or asset sales to sustain long‑term exploration.
Persistent Negative Operating ProfitConsistently negative EBIT shows core activities are not generating operating profits, meaning exploration costs outpace operating income. Over months this pressures cash reserves and raises execution risk unless offset by partner funding or continued capital raises, challenging durability.
Business Model Reliant On Asset MonetizationDependence on selling interests, jvs, option payments or royalties creates inherent timing and execution risk. Success requires finding partners or buyers and favorable commodity pricing; this structural model amplifies cash flow volatility and uncertainty over the next several months.