Overall I agree Calvo.I think the past 4 years of paying high...

Overall I agree Calvo.
I think the past 4 years of paying high dividends, and resting on their laurels by not undertaking large drilling campaigns, or doing acquisitions, has hurt them (if these two undertakings has been done a few years ago, then, the fruits of those decisions, would be benefiting now, RMS has shown a lot of foresight with their acquisitions, SAR too, yet RRL just sat at their desks and well... sat)... They clearly should never have raised the dividend, back in 2017 to 16cents a year. Every other company has been building their cash position, RRL.... treading water.

I cannot deny I am a bit frustrated. RRL could easily take on the debt required to build McPh 100%.... but, they clearly prefer not too (which I concede is prudent, however, other developers, are basically taking on 90%... like CAI for example). Hindsight is a wonderful thing, yet the hedging really does keep rearing its head.... almost comical, that they were willing to hedge so much at low prices, but... did not hedge $1 worth at $2800 AUD (though I concede almost nobody else did either)

I am pleased that guidance has been kept, however, they do have a fair bit of wiggle room anyway.

In the end, management are 100% responsible for the situation they find themselves in. RRL for me, is now in play. Other management teams can surely do a better job with the assets RRL have. SLR/RMS are cash up enough to almost fund McPhilliams.... this would create a merged entity with a production profile, close to 1m p.a ounces by 2023.