Low Leverage / Strong Balance SheetExtremely low leverage and a sizable equity base provide a durable capital cushion that reduces refinancing and insolvency risk. For an exploration company this supports multi-stage programs and negotiations, giving the firm runway to advance targets before needing urgent external funding.
Exploration Business Model With Multiple Monetization PathsTDG’s model—acquiring rights, running exploration, then advancing or transacting projects—creates structural optionality. Successful discoveries can be monetized via development, JV or asset sales, allowing value realization without requiring full-cycle mine ownership, a durable strategic advantage for explorers.
Balance-sheet Strength Offsets Operational WeaknessAlthough operations are loss-making, the sizable equity relative to assets means the company can sustain exploration spending longer than highly leveraged peers. This structural cushion preserves strategic optionality and bargaining power for partnerships or staged funding over the medium term.