Improved Cash GenerationA return to positive operating and free cash flow shows the business can self-fund operations and modest growth without constant external funding. Sustained FCF underpins operational continuity, reduces dilution risk, and helps fund sustaining capex and working capital needs over the medium term.
Unit Economics / MarginsA ~51% gross margin indicates robust unit economics once production scales. High processing margins suggest the Honeymoon asset and associated infrastructure can generate attractive per‑unit profitability, improving the odds that scale will convert to durable operating profits as fixed costs are absorbed.
Balance Sheet StrengthVery low leverage and a sizable equity base provide durable financial flexibility for capex, licensing and operating risk in uranium mining. This reduces refinancing risk through commodity cycles, supports funding of the Honeymoon project ramp and cushions against execution delays.