Secondary-resource Processing ModelThe core business of recovering metals from tailings and waste is structurally advantageous: it accesses low-capex feedstock, shortens project lead times and can deliver attractive margins when recoveries are high. This model supports repeatable project rollouts and lower greenfield risk over months to years.
Multi-metal Product ExposureProducing PGMs plus base metals (copper, cobalt) diversifies revenue drivers across differing demand cycles and end markets. Structural demand for battery and catalytic metals provides longer-term tailwinds versus single-commodity miners, reducing sensitivity to any one metal's short-term price swings.
Relatively Conservative LeverageA modest debt-to-equity profile gives the group more financial flexibility than highly leveraged peers, supporting continued operations and project funding capacity over the next several months. Coupled with positive operating cash flow, this helps absorb cyclical shocks while management executes turnarounds.