Cyclicality Of Revenue/cash FlowHistorical swings to negative cash flow in 2022–2024 show the business is materially exposed to operational and market cycles. This cyclicality undermines predictability of investment returns and may force cautious capital allocation, affecting project timelines and growth durability.
Volatile Returns On EquityWide ROE swings reflect inconsistent profitability and uneven capital efficiency across periods. For investors this signals execution or cyclic risk: management must deliver sustained ROE improvement to justify reinvestment and to translate balance-sheet strength into consistent shareholder value.
Commodity Price ExposureCore revenue depends on gold and silver prices, leaving margins and cash flow exposed to external commodity cycles beyond management control. Prolonged price weakness can erode FCF, delay development projects, and constrain growth despite operational efficiencies.