Weak Free Cash Flow ConversionSevere FCF decline despite strong earnings reduces internal funding for capex, dividends and further de‑leveraging. Reliance on accounting earnings rather than cash increases refinancing and liquidity risk if commodity prices or operating performance weaken.
Elevated And Volatile Unit Costs (AISC)Higher AISC driven by currency moves, electricity and third‑party processing erodes margin resilience. If elevated costs persist, project returns and free cash flow are pressured, reducing cushion against lower gold prices and limiting reinvestment capacity.
Persistent Security Risk From Illegal MiningOngoing illegal mining creates physical disruption, safety costs and potential production loss. Sustained security pressures require higher operating spend and can limit access to reserves, increasing long‑term operating risk and capital allocation uncertainty.