Declining Revenue And Negative MarginsNegative revenue growth and persistent net losses indicate operations are not yet profitable. Ongoing losses erode retained capital and increase reliance on external funding, lengthening the path to self-sustaining cashflows and raising execution risk for bringing Makuutu into production.
Sharp Free Cash Flow DeclineA steep -60% drop in free cash flow growth signals weakening cash generation at a critical stage. For a project developer this magnifies funding needs for capex and development, increasing the probability of dilution, more expensive financing, or delays if partner funding isn’t secured.
Very Low Returns On EquityA -38% ROE shows capital is not producing returns and suggests inefficient capital deployment to date. Persistent negative ROE undermines investor confidence, makes raising accretive equity harder, and can deter strategic partners seeking projects with demonstrated capital efficiency.