Low And Declining LeverageThe material drop in reported leverage and tiny absolute debt balance provide durable financial flexibility. For an exploration-stage gold company, low debt reduces near-term refinancing risk and preserves capacity to fund programs via equity, JV or staged financing.
Conservative Capital StructureA conservatively levered balance sheet is a durable competitive advantage for an early-stage explorer: it lowers fixed financial commitments, supports project optionality, and improves ability to negotiate farm-ins or partnerships without urgent balance-sheet distress.
Relative Cash Flow ResilienceFCF being closer to break-even than accounting losses indicates a portion of losses are non-cash or timing-driven. Over months this improves the company's ability to manage cash runway, prioritize exploration spending, and reduces immediate funding pressure versus headline net losses.