Weak Cash GenerationConsistent operating cash deficits create persistent funding needs and raise execution risk for project restart. Even with a balance sheet buffer, ongoing cash burn increases reliance on external capital, potentially delaying development milestones or forcing dilutive financing before production-generated cash flow.
Persistent UnprofitabilityNegative gross margins and material net losses indicate the cost base and recovery rates are not yet commercially viable. Until operations or project design deliver positive unit economics, the company faces structural profitability risk that limits sustainable shareholder value creation and investor appetite.
Elevated Funding RelianceDespite low leverage, the business currently depends on external financing to progress restart, increasing dilution and timing risk. Reliance on markets or partner financing exposes project schedule to funding availability, which can delay permits, procurement and ramp-up over the next several months.