Low Leverage / Strong Balance SheetVery low debt-to-equity materially reduces solvency and refinancing risk over the medium term. This structural balance-sheet strength gives management flexibility to pursue exploration, fund operations from equity, or time capital markets access without urgent debt pressure, supporting continuity of operations.
Material Equity Base GrowthA near tenfold increase in equity provides a larger capital base to fund multi-stage projects common in mining. This durable increase improves runway and optionality, allowing investment in exploration or development without immediate reliance on hostile financing, reducing short-to-medium-term solvency risk.
Improving Free Cash Flow TrendEarly signs of improving free cash flow reflect progress toward reducing burn or optimizing outflows. While FCF remains negative, a persistent upward trend is a durable operational improvement signal that, if continued, can extend runway and lower the frequency/size of future equity raises.