Negative Free Cash FlowPersistent negative free cash flow despite operating cash inflow indicates reinvestment or working capital is consuming cash, necessitating external funding or asset sales. Over months, this raises execution and refinancing risk and limits capacity to self-fund growth or weather shocks.
Very Thin Gross MarginExtremely thin gross margins and ongoing net losses highlight structural cost or pricing pressure. With limited per-unit margin, the business is vulnerable to input cost inflation or lower realised copper prices, making sustained profitability and cash conversion challenging without structural cost improvement.
Equity Erosion & Negative ROEMaterial equity decline and a deeply negative ROE reflect accumulated losses and potential dilution risk. This weakens the capital base, can raise cost of capital, and constrains long-term project financing or dividends, impeding durable shareholder value creation if losses persist.