Modest Leverage / Balance Sheet FlexibilityLow measured leverage (D/E ~0.23) gives Trojan Gold greater financial flexibility to fund near-term exploration or cover operating shortfalls without a heavy interest burden. For a pre-revenue miner, modest debt reduces immediate bankruptcy risk and eases interim financing timing over the coming months.
Narrowing Net LossesA materially smaller net loss in 2024 indicates management has meaningfully reduced operating losses. Sustained narrowing of losses extends operational runway, lowers near-term financing needs and improves the company's ability to execute exploration programs without immediate dilutive funding over the next 2–6 months.
Improving Cash Burn Trend Vs Earlier YearsAlthough FCF remains negative, the significant improvement from multi-year larger deficits shows the company is reducing capital intensity or overhead. For an explorer, declining cash burn is durable: it lengthens runway, reduces immediate financing frequency, and helps preserve equity value if the trend continues.