Persistent Negative Cash Flow And Rising BurnOperating cash flow is negative each year and free cash flow deepened to -46.2M in 2025, reflecting heavier spend as development accelerates. Sustained cash burn raises reliance on external capital over the next 2–6 months, increasing dilution and financing execution risk ahead of FID and major contract awards.
FID Timing And Remaining Major ContractsManagement targets FID in 6–12 months but it remains unsigned and two significant contracts (structural steel and electrical & instrumentation) are outstanding. With ~2/3 of budget unspent, these procurement and contracting steps materially affect cost and schedule certainty and could push out FID or raise capex.
Regulatory And Water-supply Contractual RiskPermanent water supply depends on NamWater finalization while government plans a second desalination plant; earlier ownership rhetoric has eased but political/regulatory risk persists. Such administrative or policy shifts can delay infrastructure, complicate permits or change local requirements, impacting project timing and costs.