Profitability And Cash-Flow VolatilityPast swings in margins and cash flow reduce predictability of operating performance and complicate medium-term planning. For a capital-intensive miner, this raises the risk that sustaining capex, working capital needs, or unexpected operational setbacks could sharply dent free cash generation.
Past Balance-Sheet InstabilityHistorical episodes of negative equity and previously elevated leverage suggest the company has faced solvency pressure before. That legacy can constrain financing options, increase borrowing costs, and limit strategic flexibility if commodity or operational headwinds re-emerge.
Commodity And Production ExposureRevenue and margins are structurally tied to gold prices and production metrics. This makes medium-term cash flows sensitive to metal price swings, grade/recovery variability and operational disruptions, limiting the predictability of profits and cash available for reinvestment.