Below‑consensus Production GuidanceProduction guidance for 2026 is below consensus expectations, creating risk of investor disappointment and downward pressure on the share price if volumes do not recover as expected.
Rising Cash Cost OutlookGuided cash costs are higher than consensus due to lower by‑product price assumptions, reduced output and inflationary effects, which could compress margins and weaken near‑term earnings.
Working Capital And Leverage PressureTiming of sales at Mantoverde caused copper sales to lag payable production, contributing to negative working capital and an increase in net debt that raises financial and liquidity risk.