Persistent Losses And Weak MarginsOngoing net losses and negative EBITDA/gross margins signal structural cost or operational challenges. Sustained weak margins reduce retained earnings, limit reinvestment capacity, elevate impairment risk and constrain management’s ability to improve returns to shareholders over the coming months.
Poor Operating Cash ConversionNegative operating cash conversion means reported earnings are not translating into usable cash, pressuring liquidity. This structural weakness increases reliance on external funding for sustaining capital, rehabilitation obligations and exploration, weakening financial flexibility over 2–6 months.
Inconsistent And Declining Revenue TrendNegative and inconsistent revenue growth limits scale benefits and makes cost absorption harder, exacerbating margin pressure. Without a clear recovery in ounces sold or higher grades, revenue decline undermines the company’s ability to fund projects and improve profitability in the near term.