Large Project Capital IntensityVery high upfront capex for flagship projects creates durable financing and execution risk. Such capital intensity can delay returns, necessitate external funding or higher leverage, and increase sensitivity to cost inflation and gold prices, pressuring shareholder returns over the project life.
Low Net Profitability & ROEDespite strong operating margins, the near-zero net margin and minimal ROE indicate limited conversion to shareholder profit after financing, tax and non‑operating items. Persistently low net returns constrain long-term capital returns and reduce room for reinvestment without external funding.
Geopolitical & Permitting ConcentrationConcentration of operations and development in Colombia creates structural exposure to permitting, regulatory and political risk. Long lead times, permitting hurdles or policy shifts can delay projects, increase costs and disrupt production, affecting multi‑period project economics and timelines.