Weak Cash Flow GenerationPersistent lack of free cash flow constrains internal funding for capex, debt reduction, and shareholder returns. Over months, reliance on external financing raises refinancing and liquidity risk, limiting strategic flexibility during commodity downturns.
Elevated Leverage And Thin Equity BaseRelatively high leverage and low equity ratio increase financial vulnerability to earnings shocks and commodity volatility. Interest burdens and covenant risk can limit capital allocation and slow growth execution if cash flow underperforms over the medium term.
Commodity Price And Pricing‑mechanism ExposureRevenue tied to nickel product sales leaves margins exposed to volatile commodity prices and unknown contract structures. Absence of disclosed pricing terms (index‑linked vs fixed) increases earnings unpredictability across commodity cycles, stressing long‑run cash flow visibility.