Persistent Negative Cash Flow And Rising Cash BurnOngoing negative operating cash flow and a sharp increase in free cash outflows indicate sustained funding needs. Over months this elevates reliance on external capital, increasing dilution or financing risk, and complicates timely achievement of FID and longer-term self-sufficiency once construction scales.
FID Timing Uncertainty & Major Contracts OutstandingWith FID unresolved and two large construction contracts unawarded, material execution and procurement risk persists. Delays or adverse contract pricing could shift FID timing, increase costs and push back first production, making near-term project delivery outcomes uncertain.
Large Remaining Capital To Be ContractedApproximately two-thirds of project capital remains unspent or uncontracted, exposing the company to future cost escalation, contracting risk and schedule slippage. That large residual capex requirement amplifies financing needs and execution risk through the key construction phase.