Low Leverage / Strong Balance SheetVery low debt-to-equity (~0.6%) and a sizable equity base provide durable financial flexibility. Over a 2–6 month horizon this reduces refinancing risk and gives management optionality to fund exploration, permitting, or near-term development without urgent debt pressure.
Lower Cash Burn Versus Prior YearOperating cash outflows have moderated from prior years, suggesting improved cash stewardship. A declining burn rate lengthens runway and lowers near-term financing needs, improving the sustainability of ongoing exploration and development activities.
Clear Project-focused Business ModelA focused exploration/development model creates structural optionality: successful resource definition, permitting, JVs or offtake agreements can generate step-change value. The clear strategic focus aligns capital allocation with long-duration project value creation.