I don't think they'll wait until the debt is paid off to start the dividend flow as the company's market cap will rise significantly with revenue and the debt will get to a comfortable gearing ratio relatively quickly. The question is whether the company will see a significant de-risk occur once the EPA approvals and final equity is confirmed, or whether we'll need to get closer to first sales.
We should see a slow and steady rise over the next 12 months provided construction progress progresses in line with the budgets imo.
Qtr Report Nuggests, page-22
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