Zero net debt doesn't mean no debt. It has gross debt of $100m+. They have stated for some time they want to convert project debt into corporate facility. The project debt is restrictive. They can't pay any dividends whilst project debt is on foot. Clearing that will allow this to happen. However, don't expect one until at least CY2025 at the earliest.
From memory, hedge book cleared by fy27 (for some reason, I have in my mind q1 fy2027).. however, from q2fy25 they will sell into $2500+ hedgebook.
mistragic - I wouldn't call my analysis best case, I would use most likely case. Best case they would deliver 60koz per QTR and a substantially lower aisc
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Zero net debt doesn't mean no debt. It has gross debt of $100m+....
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