Plonka, as far as EQR is concerned, you may very well be right...

Plonka, as far as EQR is concerned, you may very well be right because once the cash starts pouring in the BOD have a number of options open to them - paying a cash dividend is just one of them.
Additionally they could also consider using surplus cash to do a buy back, reduce the SOI and therefore reduce the total dividend payout to retain some profits - will all depend on how the numbers stack up

OR, they could put it back into R&D expansion projects in the region (remember the testing work on smelting) - what could play a big part in this will depend on how much "incentive" EQR get from the Qld Govt. They are very very keen on the potential that EQR can offer both for the region and also contribute their part into the Federal Govt' critical minerals strategy & alliances with UK, USA, Vietnam, Germany etc and this could come from the likes of the NAIF also.

Also, we are still awaiting determination of the tender for Wolfram Camp

Given Management have been very considerate and thoughtful of the shareholder base, I would think they will be making every effort to get something back to them asap BUT, if the carrot dangled by the Qld Govt, Federal Govt, NAIF et all is too good to refuse, then I dont mind waiting a bit longer