Ann: Dividend/Distribution - GOR, page-8

Agree. A real insult to shareholders.

0.5c dividend = $5.4M for the 6 months
Exploration: $12.5M for the 6 months
Corporate and Technical: $14.7M for the 6 months (noting this is higher due once off corporate development costs)

I think they need a rewrite of the Dividend Policy, which is 15%-30% of free cash flow (cash flow before debt and dividends) subject to maintaining a minimum net cash balance of A$100 million after payment of a dividend. With $478.4 million in strategic listed investments, not sure the A$100 million is required. My suggestion for their Dividend Policy:

Subject to minimum liquidity of $100 million [not cash!], Gold Road will target half year dividend payments which in aggregate represent the greater of:

1) 1.5x the amount spent in the half year on Exploration, Corporate and Technical; or
2) 30% - 50% of free cash flow in the half year period.

Based on my numbers, that would equal a 3.8c dividend which is probably more representative of what should be paid.

A multiple on Exploration, Corporate and Technical would hopefully get them focused on this value.