Ann: Quarterly Activities Report, page-8

True, but the question then is what do they do with the cash flow, particularly if Argentine covid problems delay a restart at Casposo. They could have free cash flow of near $A 50 million in the four quarters and if they only pay out another 1 cps as a dividend in mid 2021 that only costs $A5-6 million. That leaves a lot of free cash flow for exploration.

Diversifying the production base quickly surely has to be a priority. At the moment they seem to be hoovering up exploration acreage which is fine, but will not have a short term payoff.

Hopefully Casposo is restarted and there would be some up front cost involved. It has only been on care and maintenance (costing $US2 million a year) since early 2019 so you would hope not much. It would add another mine and diversify into silver, but it seems odd they have said nothing about it since the AGM. Maybe they want to identify some higher grade reserves there before committing, though it would seem to be profitable at the current silver price on the known existing grade on my numbers.