Volatile And Negative Free Cash Flow HistoryIrregular free‑cash‑flow generation driven by heavy reinvestment and working‑capital swings undermines consistent internal funding for growth. If FCF volatility persists, the company may need external financing at inopportune times, increasing dilution or leverage risk.
Rising Debt And Greater Leverage SensitivityHigher absolute debt increases financial sensitivity to commodity cycles and cost inflation. With leverage now non-trivial versus prior minimal levels, a sustained commodity downturn or cost shock could constrain capital flexibility and raise refinancing or covenant risks.
High Early Strip Ratios And Cost/payability RisksElevated early strip ratios and near‑term unit cost pressure, together with consumable inflation and uncertain concentrate payabilities, structurally raise short‑to‑medium term cash costs. This squeezes margins and makes project economics more sensitive to metal prices.