Negative Operating And Free Cash FlowPersistent negative operating and free cash flow undermines the company's ability to self-fund growth and repay obligations, increasing dependence on external financing. Over time this strains liquidity, limits reinvestment capacity and raises refinancing and interest-rate vulnerability risks.
Elevated Total Debt LevelsMaterial debt on the balance sheet increases financial leverage and interest obligations, constraining margins and flexibility if revenue slows or gold costs rise. Higher leverage heightens refinancing risk and reduces resilience to industry cyclicality over a 2-6 month horizon and beyond.
Declining Net Profit MarginA falling net margin despite strong revenue growth suggests rising costs, pricing pressure or increased operating expenses. This reduces earnings leverage from revenue gains and could limit free cash conversion and shareholder returns unless cost structures or pricing mix are addressed.