On the topic of dividends, surely no-one would consider paying...

On the topic of dividends, surely no-one would consider paying dividends to shareholders as a better use of free cash flow than paying down high interest debt.

Based on the 2021 Annual Report, the current status of the three major loans to Lucapa are as follows:

Equigold - Four quarterly installments of $US1.2M from October 2022.
Oct 22 - Paid
Jan 23 - Paid
April 23 - $1.2M Pending.
July 23 - $1.2M Pending.

IDC - Six quarterly installments of $US700k from January 2022
Jan 22 - Paid
April 22 - Paid
July 22 - Paid
Oct 22 - Paid
Jan 23 - Paid
April 23 - $700k pending

New Azalian - Paid in full Feb 2022.

So just a shade over $3M left to pay, all of these facilities will be paid out in full within 5 months.

However, still can't see any dividends happening while there is a bucketload of capex required for Merlin.