Weak Cash Generation & Rising BurnPersistent negative operating cash flow and rapidly increasing free cash outflows signal the company is dependent on external capital to sustain development. Continued cash burn raises funding risk, potential dilution and could delay project milestones if new financing terms are constrained.
FID & Contract Execution RiskFinal Investment Decision timing remains uncertain and is a gating event for construction funding and revenue generation. Delays to FID can push out uranium production, increase financing costs and expose the project to evolving permitting, pricing or contractor availability risks.
Large Portion Of Capex UncontractedWith roughly two-thirds of capital yet to be contracted, the project is exposed to future cost escalation, procurement and scheduling risk. Remaining major contracts and price exposure could materially affect margins, funding needs and the timetable for achieving steady-state operations.