I couldn't leave this one alone - the $100M exploration over the...

I couldn't leave this one alone - the $100M exploration over the last 5 years didn't seem right. Here is the actual data over the last 5 years.

Exploration: $145M (Profit and Loss) or $144M (Cash Flow). I backed out exploration write offs to try and get an accurate figure. Annually around $30M (up 50%).
Corporate and Technical: $83M (this is overstated, as it includes equity based remuneration which isn't all realised as it's not all awarded but it won't be huge overly stated - I've copied extracts below). This cost has doubled since 2018 and is more than the annual dividend.
Dividends: $45M - Exploration is twice the amount of the dividends. Doesn't gel with me. Just to add, there is $92,701,978 in franking credits available. This number continues to increase, as it was $65,718,984 in 2018 (GOR got the franking credits from the profit on the 50% sale of Gruyere to Gold Fields).

Significant value opportunity with some financial discipline and not punting profits from Gruyere on greenfields exploration. Not advocating a complete cut but should be focused on a specific area - Gilmour to Earl's Find trend.