Low Leverage / Strong Balance SheetVery low debt levels provide durable financial flexibility for a capital-intensive exploration business. Low leverage reduces bankruptcy and interest-rate risk, helps preserve optionality to fund drilling or acquisitions, and supports multi-year exploration cycles without heavy interest burdens.
Growing Equity BaseA materially larger equity base versus 2020 strengthens the balance sheet and reduces reliance on short-term borrowing. For an early-stage miner, higher equity supports sustained exploration spending, lowers refinancing pressure, and improves credibility with partners and vendors over the medium term.
Improved Operating Cash FlowRecent positive operating cash flow indicates better cash discipline and operational control versus prior years. Durable improvement in operations-generated cash reduces near-term funding dependency, supports continued exploration investment, and improves the company’s ability to manage cycles without immediate capital raises.