Low Leverage / Strong Balance SheetVery low debt and a sizable equity base provide durable financial flexibility for a development-stage miner. Over 2–6 months this reduces bankruptcy and refinancing risk, supports continued project engineering and permitting, and strengthens ability to negotiate JVs or offtake terms without immediate debt pressure.
Strategic PGM Asset (Waterberg Project)Ownership of a Waterberg PGM asset in the Bushveld Complex is a structural advantage: the region hosts world-class PGM deposits and exposure to platinum, palladium and rhodium underpins long-term optionality. Advancing this asset supports partnership, offtake, or sale outcomes that can unlock value beyond the corporate balance sheet.
Improving Cash And Loss TrendsObserved improvement in free cash flow and smaller net losses versus earlier periods suggests management is moderating cash burn. Over the medium term this trend can extend runway, reduce immediate dilution needs, and improve bargaining power when structuring project financings or joint ventures.