Negative Free Cash FlowPersistent negative operating and free cash flow despite higher revenue signals continued cash consumption. Over multiple quarters this creates financing pressure, raises the probability of incremental debt or equity issuance, and can limit reinvestment or shareholder returns until cash generation turns sustainably positive.
Weak Profitability & ReturnsDespite a large revenue ramp, margins remain thin and operating losses persist, indicating the business has not yet achieved profitability. Negative returns and ongoing losses undermine capital efficiency and mean improvements in margins and cost structure must be sustained to generate acceptable long-term returns.
Ramp-up & Fleet Commissioning RiskSignificant execution risk remains from commissioning and sequencing the new fleet. Delays, higher-than-expected commissioning costs or mine-sequencing issues could extend cash burn, increase unit costs and postpone the planned transition to full mining operations, keeping profitability and cash flow recovery uncertain.