Debt-free Balance SheetHaving no reported debt is a durable financial strength: it reduces solvency and interest-rate risk, preserves operational flexibility, and allows the company to prioritize exploration funding or partnerships rather than mandatory debt servicing. This lowers structural default risk and supports strategic optionality over months to years.
Improving Operating Cash FlowThe shift to slightly positive operating cash flow signals improving operational discipline and cost control. While small, this trend reduces near-term financing pressure and, if maintained, can form the foundation for sustainable funding of exploration activities or make joint-venture financing easier to secure over the next several quarters to years.
Focused Exploration Business ModelA clear, specialist exploration mandate creates a durable strategic pathway: discovery and resource definition events can materially increase project value, and the model supports partnerships or farm-outs that transfer capital risk. This focused strategy aligns incentives for value-creating drilling and asset monetisation over time.