Negative Free Cash FlowMaterial negative free cash flow despite a revenue ramp signals weak cash conversion and ongoing funding needs. Over time this raises the likelihood of external financing, asset sales, or curtailed investment if production margins or timing do not improve, increasing structural financing risk.
Operating Losses And Thin Gross MarginsPersistent operating losses and very thin gross margins indicate the business lacks sufficient pricing or cost buffer. Structurally low margins make earnings vulnerable to uranium price swings and operational setbacks, depressing returns and extending the time until sustainable profitability is achieved.
Ramp-up Execution And Fleet ConstraintsDependence on staged fleet commissioning and mine-plan sequencing creates execution risk that can delay cost reductions and full production. Prolonged commissioning or sequencing errors would extend negative cash flow and defer margin improvements, making operational outcomes a major structural risk.