Revenue DeclineA pronounced revenue drop signals structural pressure that can constrain capital allocation, reduce margins under fixed-cost structures, and force tougher trade-offs between sustaining capex, exploration and returns. Persistent declines would impair long-term growth optionality.
Permit Delays / Project TimingRegulatory and permitting hold-ups delay development timelines and defer production and cash flow from planned projects. Political or permitting uncertainty increases execution risk, raises financing and sustaining capex timing uncertainty, and can compress multi-year growth plans.
Rising Costs At Key MinesStructural cost pressures from royalties, community obligations and expanding tailings/sustaining works lift AISC and compress margins. Persistent higher unit costs reduce free cash flow per ounce and make planned growth and returns more sensitive to gold price and operational efficiency.