Volatile Free Cash FlowInconsistent free cash flow, despite strong operating cash in 2025, signals heavy reinvestment and working capital swings that constrain discretionary capital. Persistent FCF volatility undermines the company's ability to consistently pay down debt, fund returns or absorb commodity downturns without external funding.
Sovereign / Royalty UncertaintyActive but unresolved government stake/royalty talks create material policy and cashflow risk: company notes a current government take nearing ~60% at prevailing prices. Such sovereign uncertainty can change project economics, delay investments and complicate long-term planning and capital allocation.
Power Instability Raising Operating RiskReliance on diesel gensets and planned HFO investment increases fuel costs and operational complexity, creating sustained margin pressure and throughput variability until a permanent power solution is fully implemented. This elevates execution risk for Kiaka's production profile.