Persistent Negative Cash FlowConsistent negative operating and free cash flows reflect typical developer-stage capital intensity but increase reliance on external financing. Over the medium term this raises dilution or refinancing risk, pressures management to secure large incoming capital tranches before major construction phases, and can delay commercial production timelines.
Large Uncontracted Capital RemainingWith roughly two‑thirds of capital yet to be contracted, the project remains exposed to execution, cost escalation and schedule risk. Banks and lenders typically prefer key EPC contracts awarded pre‑FID; the unspent majority means financing and FID hinge on timely contract awards and stable input pricing.
FID & Regulatory UncertaintyUncertainty over FID timing and remaining administrative approvals (eg NamWater finalization, residual political/regulatory questions) affects project bankability and cash‑flow forecasts. Structural delays to FID can push financing terms, extend cash burn, and allow regulatory or policy shifts that materially alter project economics.