Your summary does not surprise me, based on current LOM.
If we are to use the figure of an additional $130m cash build then according to PK more of that will be in fy26 than fy25, as we currently have a major change to the haul ramp being undertaken in fy25.
The massive stockpile of ore (gathered whilst the crusher was out of action) contributed to the rapid cash build that we saw.
That massive stock pile is now exhausted, hence cash build going forward is at a slower pace.
I am still holding tight and my sentiment is buy, the same as you.
Ann: FY2024 Appendix 4E and Statutory Financials, page-8
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