Balance Sheet StrengthA sizable equity base and modest absolute debt provide a durable financial buffer while the company progresses development. Manageable leverage reduces near-term solvency risk, supports access to project financing, and lengthens runway for permitting and studies before revenue onset.
Focused Project Asset (Kanyika Niobium)Concentration on a defined, advanced asset gives the company strategic clarity and optionality. The Kanyika project plus identified co-products can improve project economics if realized, enabling targeted technical work, streamlined permitting, and clearer financing discussions with partners or offtakers.
Improving Cash Flow Trend In 2025A reduction in cash burn signals management discipline and indicates the company can trim spending as development progresses. Sustained improvement would materially extend runway, lower near-term financing needs, and increase the likelihood of reaching permitting/financing milestones without excessive dilution.