I think the dividend policy and outcome should be viewed over the full financial year rather than the interim result in isolation. If the extra $3M to make the dividend acceptable was so inconsequential then it does not matter so much, either way. I am betting on a good full year outcome.
The JORC code only applies to proving up a resource as far as I am aware. BCI have done that and are simply assessing the contents within that resource to see if they can "squeeze" more out of it through beneficiation. They have said they will get some of this to market to see what the customers say and then report a resource upgrade based on the feedback.
Under promise and over deliver hopefully in progress.
bci and io analysis, page-4
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