Low Leverage / Conservative Balance SheetZero debt through 2023–TTM 2025 materially reduces default and interest-rate exposure, preserving financial flexibility. For a capital-hungry exploration company this lowers solvency risk and increases optionality to raise equity or pursue joint ventures without near-term debt pressure.
Improving Operating Profitability (EBIT/EBITDA)A shift to positive EBIT/EBITDA in TTM 2025 versus 2024 indicates operational improvements and tighter cost control. If sustained, that improvement can reduce funding needs, lengthen runway, and make the business more resilient to exploration cycle swings over the next several months.
Demonstrated Ability To Reduce Cash Burn (temporary)An FCF improvement in 2024 shows management can adjust spending or operations to reduce cash burn. While not yet a permanent trend, this demonstrates actionable cost discipline that can be deployed to stabilize runway during future financing or operational cycles.