Cash Generation & LiquidityMaterial operating cash flow and a year-end net cash position with over A$320M liquidity provide durable funding flexibility. This strong cash cushion reduces near-term refinancing risk, supports 2026 CapEx and exploration, and gives management time to structure project finance without forcing asset sales.
Doropo DFS — Transformative ProjectThe Doropo DFS outlines a long-life, high-return mine (2.2Moz LOM, robust NPV and IRR) with a below-group DFS AISC; if delivered, it materially extends group mine life, diversifies production, and should generate substantial free cash flow to fund growth and repay development financing over many years.
Operational Improvements & Syama SSCPImproved 2025 margins alongside SSCP progress at Syama indicate durable productivity gains. Commissioning of SSCP stages increases throughput and plant availability, supporting lower unit costs and steadier output over the medium term, improving margin sustainability beyond commodity swings.