Large Negative Free Cash FlowA sharply negative FCF position signals heavy investment or working capital strain and may be unsustainable without external financing or materially higher operating cash conversion. Persistent negative FCF can erode liquidity and force equity issuance or debt, diluting returns.
Incomplete Cash Flow TransparencyAbsence of reported operating cash flow for the latest year prevents reliable assessment of core cash conversion from profits. This opacity increases uncertainty about the company’s ability to service debt, fund sustaining capex, and convert strong margins into durable free cash flow.
Concentrated Commodity & Country ExposureConcentration in Burkina Faso plus reliance on gold prices and mine-plan execution creates persistent geopolitical, operational and commodity-price risk. Any regional disruption or protracted gold weakness can materially and durably impair production, cash flows and project economics.