how much dividend?, page-23

Chuck, I agreed about payment of a dividend before IGR... Silver Lake was fully funded to meet 2014 production targets for MM and Murch. They would then be generating plenty of cash flow for a dividend, sustaining capex, and development of Hollandaire (FY16 prod), Kundip (FY17 prod) and probably Magic at some point after the mining plan is finalised this year.

However, taking over Integra has changed all that, IMO. There's so much more on the table now and part of the reason why the deal makes sense is that IGR are in a weak financial position to fund aggressive growth... while SLR is in great shape seemingly able to progress and develop both companies' assets organically

We need to wait for Davis's guidance here of course and how aggressive he chooses to be, but my understanding was IGR had a several year plan, 3-4 yrs, to triple production to 300k pa. This would require a lot of investment... particularly three underground mines (CEB, Santa and Maxwells) and the Aldiss Project requiring a separate processing facility (according to IGR, Aldiss requires just modestly more exploration success to proceed to development, with about 400k oz defined most of it in the indicated category).