Low Leverage / Conservative Balance SheetVery low debt materially reduces default and refinancing risk for a development-stage miner. That conservatism preserves optionality to time project financing, supports continued funding of studies/permits without immediate solvency pressure, and improves negotiating leverage for long-term project finance.
Clear Project Focus: Mackay Potash ProjectA single, clearly defined flagship asset and a documented development pathway (studies, permitting, financing) reduce strategic ambiguity. For investors, a focused development agenda creates discrete long-dated value inflection points as technical, regulatory and financing milestones are achieved, aiding long-term planning.
Gross Profit Turned Positive In 2025A positive gross profit indicates core production or sales started to cover direct costs, implying improving unit economics. If management controls operating overhead and scales revenue, this suggests a credible pathway from project-level economics to overall profitability over a multi-quarter horizon, supporting durable improvement.