Ann: Half Year Accounts, page-42

Autosime you will be delighted to know I underestimated depreciation, which should include mine development and borrowing costs and not just plant and equipment and so should be $10 million higher in the second half of 2021.

This has no effect on EPS and the PE, but improves the net cash position and thus the ability to pay dividends and also fund growth projects in addition to Atlas replacing Boonanarring. I roughly estimate it improves the net cash at end 2021 from $50 million to around $60 million on my assumptions.

The early 2023 net cash improves from $30 million to $55 million even if the dividend is boosted from 1 cps fully franked to 1.5 cps fully franked in early 2023. and so net cash is much more comfortable than I projected even on my assumptions, which of course you think are too pessimistic.

IMA can therefore be a (very) high dividend yielding stock and also retain sufficient funds to finance growth projects. That makes me a lot more comfortable about my holdings I must say.

Effectively we had a 2cps unfranked dividend in 2021 and even on my numbers IMA can pay 1.5 cps franked dividends in 2022 and 2023 (which if fully franked gross up to just over 2 cps for domestic shareholders). If the Board flags that is the intention it should attract yield seeking investors and boost the share price. Whether it is prepared to be clear about the dividend policy remains to be seen. I certainly hope so.