Historical Profitability VolatilityPrior years of losses and margin swings suggest earnings are not yet consistently resilient. This structural volatility complicates long-term planning, raises the probability of future earnings shortfalls, and can force dilutive capital raises or deferment of projects during down cycles.
Very Small Employee BaseAn extremely small headcount implies heavy reliance on contractors, partners, or outsourced functions. That model can limit operational control, institutional knowledge retention, and the firm’s ability to scale or respond rapidly to operational issues at mining sites over the medium term.
Commodity And Operational ExposureRevenue and cash flow are structurally tied to gold price and production metrics. Variability in grade, recoveries or market prices can materially alter cash generation and project economics, making long-term forecasts and investment returns highly sensitive to factors outside management control.