Ann: March 2023 Quarterly Activities Report, page-34

It will be interesting how the market reacts to the final quarterly. Although there are likely to be few surprises, will this be the reminder that's needed that this company is a cash generation beast?

Current market cap is $2.3 billion - ~$2 billion when the net cash position is considered. At current met coal prices, there is likely to be cash flow well over $1 billion per annum. I think a small dividend would be nice - 5c is $45 million and does not impact SMR's capacity for M&A activity. But it gets SMR on the radar of a new class of investor.