Ann: Full Year Results FY2023 Presentation, page-15

@ GonaBeBrokeSoon

Well if you want dividends, you'd hope they push back debt and permanently have debt (as most companies do), that way they have the cash flow buffer to keep developing new mines whilst paying consistent dividends.

Right now it's a situation of been required to pay back all debt and wanting to invest in new projects for the long term benefit of shareholders... well in those circumstances they have to keep the cash they are generating to tick all those boxes.

If RRL was to payout all the free cash it is expected to earn in 2024, it would be paying something like a 20% dividend yield (that's it's free cash flow yield at these prices roughly).

The point is, RRL isn't loosing money and is generating a lot of cash, it just isn't visible via basic metrics and that's an accounting situation, not reality.

I hear you on doing things to attract new investors, but investors should understand financial statements as well. In this case, I guess it's an institutional sandwich with retailers as the meat if they don't understand RRL's financial statements. RRL clearly tells everyone they are generating positive cash flow, it was a main headline this morning, no need to even read the announcement.