Balance Sheet StrengthExtremely low leverage and a high equity ratio provide durable financial flexibility across commodity cycles. This reduces interest burden, supports capital allocation (capex, exploration, buybacks), and lowers insolvency risk, enabling longer-term investment in the Caijiaying asset.
High Gross Margin & Resource QualityHigh-grade ore and a ~35.9% gross margin point to structurally advantaged unit economics. Better grades typically yield higher recoveries and lower per-ton costs, supporting margin durability versus lower-grade peers and underpinning long-term competitiveness in concentrate markets.
Operating Cash ConversionA 1.72 operating cash/NI ratio shows solid cash generation from reported earnings, indicating earnings are converting into cash. This improves ability to fund working capital, sustain operations and finance near-term investment flexibility despite commodity volatility.