Next Ship, page-351

All good points but there is a fair payment to SH at 4 cents that does not exceed the 25% policy figure and GRR is still raking in the cash at current IO prices.

A 2 cent dividend would rightly be universally condemned by share holders. Especially as the cash reserve has more than doubled over the last 6 months.

I do recall that, just a few months ago, a lot of people were complaining bitterly about the level of cash held and how it should be used to invest in other mining ventures etc. The only thing that has changed in the meantime is that the cash balance has increased and that GRR is still making a motza on its shipments - not as high but still very substantial. At this stage, cash reserves will continue to increase.

Cash levels are seriously elevated and it is definitely probably that the cash balance will still be significantly higher at the end of 2021.

No reason at all for GRR to become stingy this time around.

On-going capital expenditure will be easily covered - and we should remember that SD is undergoing a feasibility study only - and the chances of it being developed is probably less than when that study was announced. I actually think that GRR made an error in not flogging it off when IO prices peaked.

Seems t be a lot of panic over not much at all at the moment.