Balance Sheet StrengthLow leverage and materially larger equity give the company durable financial resilience: it reduces default risk and provides the capacity to fund exploration or capex over the next several months without immediate distress, supporting strategic optionality despite weak operations.
Funding FlexibilityA capital structure with assets and equity well in excess of debt means management can access balance-sheet resources or raise incremental financing on better terms, enabling continued project development and preserving operational continuity across a 2–6 month horizon.
Improving Cash Burn TrendAlthough free cash flow is still negative, the TTM improvement signals management is reducing cash burn. This trend, if sustained, strengthens runway and reduces the urgency of external funding, making short-to-medium term operations more sustainable.