Earnings & Cash VolatilityDespite recent improvement, historical swings in earnings and the ongoing heavy capex burden limit predictable cash flows. Persistent reinvestment needs can constrain sustained free cash flow, making multi-quarter planning and dividend or buyback policies less certain for investors.
Supply-chain Cost PressureSupply-chain disruption raising costs represents a structural margin headwind if persistent, compressing long-term operating margins. For a cost-sensitive mining model, recurring logistics or input constraints can erode competitiveness and force higher per-unit costs across mining sites.
Inconsistent Core ProfitabilityLarge swings from negative to positive net margins reveal earnings instability and make forecasting less reliable. The lack of disclosed steady EBIT metrics and past losses imply operational or price sensitivity that could reappear, complicating long-term earnings visibility for stakeholders.