High Gross MarginA gross margin above 96% signals disciplined cost control on exploration-related activities and efficient project-level spending. Over the medium term this supports a longer cash runway per dollar spent, improves partner economics on JV deals and helps preserve capital during multi-year exploration cycles.
Low Leverage / Stable Balance SheetMinimal leverage gives the company financial flexibility to pursue exploration without heavy interest burdens. Over 2-6 months this stability reduces bankruptcy risk, enables opportunistic project investments or JV structuring, and preserves capacity to raise project financing on reasonable terms.
Partnership-Driven Funding ModelA business model that advances projects through option agreements and JV funding transfers exploration capital burden to partners. Structurally this reduces dilution and cash burn for the company, letting it retain upside while continuing program activity across multiple targets.