Sources total about $167 million, which includes a proforma cash balance of about $80 million at Q4/21 and Moody's expectation of free cash flow of about $90 million. Uses consist of about $8.5 million in mandatory debt payments. The company does not have a credit facility in place and no financial covenants.The negative outlook reflects Tacora's execution risk to increasing its production towards 6 million tonnes per year.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be downgraded if Tacora is unable to increase its production or experiences operating challenges at its mine, leading to negative cash flow generation.