Diablo Shares, page-11

Yes you do - expect that from just about every new company until they have a revenue stream and can cover expenses.

But because that is the same for every new miner, more what you should be looking at is :
MC (is it too expensive) considering the assets (exploration rights), the market its operating in (is it something you expect more or less demand ie. Coal versus lithium), jurisdiction (unstable country v stable), management team, how long until production, current hype swirling the company and/or sector, and importantly - what you want from it - are you flipping for a profit day 1, day 30 or do you think there's long term goodness given your research in to all of the above and its a keeper for years which will see a lot of ups and downs and CRs.

good luck