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November 25, 2025

Analyses

On the verge of strong cash flow growth

Years of investment appear to be approaching a turning point. Major projects that once required substantial capital are now nearing a phase where they can generate meaningful cash flows. This transition marks a shift from development to production, with clear implications for financial strength and debt reduction. Despite this progress, the market’s attention remains limited, leaving the valuation largely unchanged. The coming period will be critical in determining whether improved cash generation translates into broader recognition of the company’s evolving profile.

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