Deteriorating Free Cash FlowA steep widening of free cash flow deficits creates a structural funding gap that increases dependence on external capital. Over several months this raises the probability of equity raises or asset sales, which can dilute shareholders, delay project milestones, and heighten execution risk for development plans.
Persistent Net LossesOngoing operating and net losses mean the company cannot self-fund development from earnings. Persistently negative margins undermine return generation on the large equity base and extend the timeline to reach cash-flow break-even, pressuring financing needs and strategic options over the medium term.
Elevated Funding And Execution RiskSharp cash burn increases execution risk for permitting, studies and project construction. Structurally, this can force suboptimal financing or scaled-back programs, slowing resource conversion and delaying potential production, which magnifies uncertainty around timeline and eventual cash generation.