Chronic Cash BurnConsistent negative operating and free cash flow indicate the company is not yet self-funding and will need continued external capital to progress Mackay. This chronic cash burn increases dilution risk, adds financing complexity, and can delay delivery if funding markets tighten over months.
Persistent Losses & Weak MarginsOngoing net losses and deeply negative margins reflect limited operating scale and high cost burdens. Until the project reaches steady production and positive operating margins, Agrimin's ability to generate sustainable earnings and fund operations internally remains constrained, weakening long-term returns.
Equity Erosion / Dilution RiskA sharp decline in equity signals either losses, dilution or asset adjustments. This reduces the capital buffer, limits borrowing capacity on favorable terms, and raises the prospect of further equity raises to fund development, increasing long-term shareholder dilution risk and governance pressure.