One day closer to a HAV dividend, page-26

Looks to me like it might be one of those extremely rare situations where both the div and non-div crowd get to eat their cake.

HAV's been quoting a cashpile of $40 m in presentations. Looks a touch conservative considering the likely boost from the gold price plus the likely underestimating of the gold grams per tonne. Strachan's high case scenario of $48m looks closer to the mark. So they can pay out $8-$10 m in divs and still have the $40m cash pile.

The preferred development option for Kalkaroo (i.e the one that requires approx. $340 million) can't be funded by cashflow from Portia. They probably need to bring aboard a partner similar to something AOH has done.

$40 m should be more then enough for North Portia (if that's the way they end up going)

And then there's the unknown upside in the bedrock. Gotta be something there.

All up, the size of the div is a pretty nice problem to have. Chris Giles also comes across as a very smart operator so I think they'll get the balance right.