Negative Free Cash Flow And Weak Cash ConversionPersistent negative free cash flow and poor cash conversion undermine the company’s ability to self-fund capex and growth, increasing reliance on external financing. Over a multi-month horizon this raises sustainability risks for dividends, expansion plans, and resilience to commodity-driven revenue swings.
High Sensitivity To Gold Price MovesAs a pure-play gold producer, earnings and margins remain structurally tied to volatile commodity prices. That dependence creates persistent revenue and cashflow variability, complicating long-term planning, capital allocation and credit metrics during extended periods of weaker metals pricing.
Room For Operational Efficiency Gains (EBIT/EBITDA)Although profitability is strong at the net level, indicated EBIT/EBITDA headroom means operations could be run more efficiently. Failure to extract further opex or throughput improvements may limit sustainable cash generation and leave margins exposed if input costs rise or production growth slows.