Liquidity And Financing RiskA relatively low cash balance compared with outstanding debt raises financing risk and could constrain the ability to fund new royalties or cover operational shortfalls.
Operational InterruptionsProduction pauses at specific mines, including a silver operation in Bosnia and Herzegovina, can reduce revenue and interrupt expected cash flow generation.
Portfolio CompositionA large portion of the portfolio remains non-producing, limiting near-term revenue visibility and increasing dependence on development or transactions to drive growth.