Balance Sheet StrengthModest leverage and a meaningful equity base provide durable financial flexibility for an exploration company. This reduces near-term refinancing pressure, supports continued funding of drilling and appraisal programs, and makes the firm better able to pursue farm-outs or partnerships over the next several months.
Asset-focused Business ModelA clear, asset-led model—acquiring acreage, running geophysics and drilling to prove helium—creates binary value drivers: successful discovery and resource certification. That structure supports scalable upside via resource sales, farm-outs or JV deals, a durable path to commercialisation if wells succeed.
Improving Cash Flow TrendA marked improvement in free cash flow burn suggests better cost control or progressing projects that reduce cash intensity. While still negative, this trajectory lowers immediate funding needs, increases runway, and signals that operational discipline or milestone achievement may support near-term sustainability.