Conservative Balance SheetA very low debt-to-equity ratio reduces financial risk and preserves strategic optionality during the development phase. This durable strength supports the company’s ability to fund project milestones through equity or project-level partners without heavy interest burdens.
Improving Cash Burn TrendA directionally smaller cash burn demonstrates improving operational efficiency and cost control during development. While still negative, the trend reduces near-term financing needs and increases runway, strengthening the chances of reaching project milestones with less dilution.
Clear Development-stage Business ModelA focused roadmap from exploration to commercial kaolin products and multiple monetisation paths (product sales, offtake, JV or asset sales) gives structural optionality. This diversified project-level exit strategy supports long-term value creation if execution and product qualification proceed.