Debt-light Balance SheetMinimal debt materially lowers refinancing and interest risk and preserves optionality to fund Metates development or pursue asset sales. Over the next 2-6 months, a debt-light position supports access to capital and reduces solvency pressure if project timelines slip.
Focused Large-scale Metates AssetConcentrating resources on the large Metates deposit while monetizing Tatatila clarifies strategy and concentrates operational value creation. Structurally, this increases the odds that management can advance a single, high-value project toward prefeasibility or partnering over the medium term.
Improving Free Cash Flow TrendA multi-year improvement in free cash flow trends, even while still negative overall, indicates management is narrowing cash burn. Sustained improvement reduces near-term financing frequency and gives more runway to progress studies or negotiate JV/royalty deals over the next several quarters.