Debt-free Balance SheetA zero-debt capital structure provides durable financial flexibility: it lowers insolvency risk, reduces fixed obligations, and preserves optionality to fund exploration or development through equity or project financing rather than servicing debt, improving long-term resilience.
Substantially Larger Equity BaseMaterial equity growth strengthens the firm’s capital base, expanding runway and credibility with investors and partners. A larger equity cushion supports multi-period exploration programs and lowers immediate dilution pressure when seeking further funding.
Cash Flows Align With Accounting LossesOperating cash outflows closely track reported losses, signalling transparent earnings quality and limited masking by non-cash items. Combined with narrowing losses, this suggests controllable burn and clearer visibility into funding needs over the medium term.