Project Advancement PipelineStructured drilling, resource definition, metallurgical testing and technical/economic studies in Tapajós provide a multi-stage path to convert targets into defined resources. That reduces geological uncertainty, raises likelihood of development or JV options, and supports durable value realization.
Low LeverageVery low debt reduces solvency and interest-rate risk and preserves flexibility to fund exploration through equity or partnerships. A conservative leverage profile lowers bankruptcy risk and gives management optionality to pursue joint ventures, farm-outs or staged development without heavy debt servicing burdens.
Improving FCF TrendAlthough free cash flow remains negative, recorded positive growth rates in 2022, 2023 and 2025 indicate improving capital efficiency and cost control. Durable improvement in FCF trends can extend the company's runway, make partnership or financing terms less dilutive, and signal operational progress.