Low LeverageZero reported debt materially lowers financial risk and interest burden over the medium term. This structural conservatism preserves flexibility to raise capital or fund projects when needed, reducing bankruptcy risk and supporting strategic optionality for the gold business.
Growing Equity BaseA rising equity base strengthens the balance sheet and provides a larger capital cushion to absorb operating losses. This durable improvement supports liquidity and funding capacity for ongoing activities without immediate reliance on high-cost debt.
Improving Free Cash Flow TrendAlthough FCF remains negative, the reported improvement versus 2024 signals progress in cash management and operational efficiency. A sustained trend could materially reduce external funding needs and extend runway over the coming months.