Thanks the likely future fractional tax provision seems to me to...

Thanks the likely future fractional tax provision seems to me to be uncertain.

The rate at which they can use the currently unrecognised losses depend on the assumptions adopted by the company.

I am not an accountant and I would be interested in your view.

From Note 6

"At 31 December 2024, there are unrecognised transferred revenue tax losses of $482,067,369 (31 December 2023: $521,597,126) for the Group subject to a restricted rate of
utilisation and no expiry date. During the Reporting Period the Company recognised an $11.86 million deferred tax asset relating to transferred revenue tax losses not previously
recognised (31 December 2023: nil).The Company has recognised these deferred tax assets to the extent that it is probable that estimated future taxable profits will be available
against which these losses can be utilised at their available fraction. The estimated future taxable profits are based on a series of judgments. The Company has assessed five
years to be a reasonable time period to utilise in estimating the amount of fractional tax losses to be recognised as at 31 December 2024.
At 31 December 2024, there are unrecognised capital losses of $19,621,080 (31 December 2023: $21,952,797) for the Group with no expiry date."

That is they recognised this year an extra $11.86 million in fractional tax losses that they did not recognise last year.

At December they have $8.4 million in deferred tax assets remaining, but will presumably extend the period for the unrecognised losses by another year and there are also $19.6 in unrecognised capital losses. As I read it they could also change the assumption about future estimated taxable profits over the new 5 year period to increase the fractional tax assets available. As profits will be higher at current tin prices that seems likely.

The tax liability last year was $36 million and will presumably be larger this year, though there are other deductions apart from tax losses.

It not clear to me whether there will be a tax liability in 2025, but it is possible (if the company choses to do so) that they can defer paying tax this year by changing the profit assumptions used over the next 5 years. We really do not know as this depends on what the company decides. The temptation is surely to defer tax payments as long as possible.

Grateful for your take.