Very Low LeverageExtremely low leverage gives the company durable financial flexibility: it reduces refinancing and interest obligations, preserves optionality to fund exploration through equity or project-level financings, and lowers solvency risk during protracted development cycles.
Flagship Treaty Creek ProjectA clear, focused flagship asset in the prolific Golden Triangle concentrates management and capital on advancing resource definition. Sustained exploration programs and a recognized district addressable market support long-term value creation if drill results and resource conversion continue.
Narrowing Losses TrendProgress toward smaller losses signals improving cost control or more efficient program execution. If sustained, narrowing losses slow cash burn, lengthen runway between financings, and improve the company's ability to allocate capital to higher‑value exploration activities over the medium term.