It's never easy to reconcile HGO quarterly statistics and interim/annual results. Probably because of timing difference between accounting records for the given period and actual cash receipts.Like kingston67 I estimate Q1 cash generation at about $14m (from quarterly costs) but changes in balance sheet items suggest more like $20m. However if the $14m is appropriate I estimate that Q3-Q4 will generate about $40m after capex of $4.5m. That suggests to me that further dividends are not far away.
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