Low LeverageVery low leverage reduces solvency risk and preserves strategic optionality. Over a 2-6 month horizon, minimal debt lowers default likelihood, supports continued exploration spending or measured M&A, and gives flexibility to raise equity without acute debt pressure.
Large Equity Base GrowthA substantially larger equity base provides a thicker capital cushion to fund exploration and operating needs. This expanded capital base lengthens runway, reduces short-term solvency sensitivity, and allows management to pursue project investments without immediate reliance on debt markets.
Improving FCF TrendRecent improvement in free cash flow relative to net losses suggests management is moderating outflows and improving cash efficiency. If sustained, this trend can extend runway, lower incremental financing needs, and support stepwise project execution even while absolute cash burn remains.