Ann: Dividend Policy, page-19

Righto finally had some time to go through the balance sheet. Found a few things.
-operational profit 196m (2022)vs 71 (2012) largely due to inventories differential (105m) sold inventories stored in 2021.
-Sarawak buyout paid from capital reserve (23m) and cashflow (109m) which affects totally equity by this amount but moves from 367m to 399mUS with 100% ownership.
- profits should increase yearly from 67mill US to 82mil US the another 33% once all smelters get cranking.
-book value ratio less than 1 so undervalued compared to peers 1.5x
-assets inventories we still have 235 mill US (2022) ...fair bit.
- 90mill US extra sold into America this year
-Regarding NT work safe court hearing OMM entered a guilty plea for a category 2 failure which has a maximum penalty of 1.5mAUD.

Still learning but as we pay down debt and ramp production equity should increase and the amount of inventory suggest we have ample cash in piles to fund expansion plans. If you apply this equity growth to mc using 1.5x ratio the stock is well undervalued