Ann: CEO's AGM Presentation, page-118

In terms of the dividend arrangement - it was clarified at the AGM that the dividend announced in December last year, was based on earnings from the previous year, forecast over the coming year.

So, in effect, conditional on SML earnings during the 2024 calendar year according to the timeline provided in the announcement.

Lucapa did state they did not receive the amount expected from SML in Q1. The exact amount they did receive was not disclosed.

So what happened to all the earnings from 2023?

Lucapa stated the proceeds of the tenders in late 2023 and other ROM sales (~ USD $30m alone from two tenders in late 23) were used to fund operations, pay royalties, pay a tax bill, and partner distributions (which was assumed to mean pro-rata).

Lucapa further stated that would be the basis of future dividends by SML (earnings from the previous year, forecast over the coming year).

The conclusion I drew from this, was that there were not issues with 'delays out of Angola' but 'delays in having the free cash available'.

I'm no accountant, but this dividend arrangement was somewhat of a revelation to me. I'm happy to be corrected if I have misunderstood or misrepresented anything above.