Ongoing UnprofitabilityPersistent negative net and operating margins indicate the company is not yet generating profits from its activities. Long-term unprofitability increases dependence on external funding, limits retained cash for reinvestment and elevates execution and solvency risk during development.
Sharp Free Cash Flow DeclineA ~60% drop in free cash flow growth signals meaningful cash strain during a critical development phase. Reduced internal cash generation heightens reliance on equity or debt financing, raising dilution or cost-of-capital risk and constraining ability to fund capex or downstream buildouts.
Pre-revenue/project Development RiskBeing primarily pre-revenue ties future earnings to successful project execution, permitting and financing for Makuutu. This structural dependence exposes shareholders to construction, commodity, offtake and timeline risks that can delay or prevent sustainable cash generation.