Negative Operating And Free Cash FlowPersistent negative operating and free cash flow reflects development spending and a lack of revenue. Over months this raises dependence on external funding to complete construction, increasing execution and dilution risk if capital markets weaken or FID timing slips, and constrains financial flexibility.
Key Contracts Pending And Majority Of Capital UnspentWith ~2/3 of capital still to be contracted and two major packages yet to be awarded, the project remains exposed to cost escalation, procurement delays and schedule slippage. These structural execution risks can materially affect FID timing and long‑term project economics.
Pre‑production Status With Recurring LossesAs a pre‑production developer, the company lacks operating revenues and posts recurring losses, yielding persistently negative returns on equity. Until a durable production revenue stream exists, reliance on capital raises continues, leaving long‑term viability dependent on successful delivery and commodity demand.