Balance Sheet StrengthLow leverage and a high equity ratio provide durable financial flexibility, reducing refinancing and solvency risk through commodity cycles. A strong asset base supports opportunistic M&A, royalty purchases or capital allocation without materially increasing financial strain over the medium term.
Free Cash Flow GenerationConsistent positive free cash flow, despite reported net losses, underpins the company's ability to fund dividends, deleveraging and selective investments. Reliable cash conversion supports the payout policy and provides a buffer to fund project development or strategic purchases over multiple years.
Strategic Focus On Critical MineralsA pivot to critical minerals and strong base metals performance positions the company in structurally growing markets (copper, cobalt). Increasing revenue mix from critical minerals enhances long-term demand exposure and potential cash flow growth as electrification and energy transition trends persist.