Negative Operating Cash FlowPersistent negative operating cash flow erodes self-funded capacity to purchase inventory, pay suppliers or invest in growth. Reliance on external financing can raise costs and constrain margins, posing a durable liquidity risk if working capital remains elevated.
Negative Free Cash FlowNegative free cash flow after capital expenditures limits the firm's ability to de-lever, return capital to shareholders, or build cash buffers. Over months, this reduces strategic optionality and raises vulnerability to shocks or cyclical demand declines.
Elevated Debt LevelsHigher leverage increases interest and refinancing risks, constraining investment choices and amplifying sensitivity to gold price or demand swings. Sustained indebtedness can pressure margins and credit terms, reducing long-term financial resilience if not reduced.