Low Leverage / Strong Balance SheetVery low debt-to-equity (~0.4% in FY2025) materially reduces solvency risk and interest burden. This structural strength gives management flexibility to fund exploration via equity, negotiate farm-outs or joint ventures, and absorb exploration cycles without imminent creditor pressure.
Growing Equity BaseEquity rising from ~9.1m (FY2020) to ~22.7m (FY2025) strengthens the asset base and signals historical access to capital. A larger equity base reduces near-term liquidity risk, supports expanded exploration budgets, and increases credibility with potential partners over the medium term.
Clear Exploration-stage Funding ModelThe company follows the typical exploration model of funding geological work via capital raisings and monetising success through sales, farm-outs or development. This established pathway is a durable industry mechanism that enables value crystallisation if exploration results deliver resources.