Meaningful Negative Free Cash FlowPersistent negative free cash flow reflects substantial sustaining and major capital outlays that consume operating cash. If negative FCF continues, the company may face funding needs, dilution risk or constrained ability to self‑finance further growth or weather metal price downturns.
Thin Net Profitability And Low ReturnsDespite improved EBIT margins, bottom‑line profitability remains negligible, indicating non‑operating costs and capital intensity dilute shareholder returns. Long‑term value creation depends on sustained margin expansion and conversion of resources into profitable production.
Geological And Execution RisksOngoing geological variability and past unplanned plant maintenance highlight execution risk that can depress grades, recovery and unit costs. These structural operational uncertainties can delay ramp, push costs higher and make forward production profiles and cashflows more variable.