Asset-backed Production Model (Hemerdon Mine)Owning and operating the Hemerdon mine gives the company a tangible, near-term production asset and a direct path to concentrate sales. This provides long-term optionality from reserves, clearer operational levers (throughput, grades, recovery) and a durable basis for future revenue if operational execution is maintained.
Transparent, Commodity-driven Revenue DriversClear, well‑defined revenue drivers (volumes, prices, costs) make cash flows easier to model and manage over time. This transparency supports operational planning, targeted margin improvement, and potential hedging or offtake strategies that can sustainably stabilize revenue once production is steady.
Improving Cash Burn TrendSequential improvement in free cash flow and a reduced cash burn rate indicate management has moderated spending or improved operations. If sustained, this trend lowers refinancing needs and strengthens runway, improving chances of reaching self‑funding operations over a multi‑month horizon.