Ann: Half Yearly Report and Accounts, page-5

March quarter update will give a good indication as to how we will end the year. I think the statement regarding dividends was interesting. My take was that the H1 results were much lower because of Newhaul purchase and the large tax bill. If that was the case, The underlying performance was pretty good despite low IOP. Unless they are expecting to make a big purchase in H2, with the IOP trending higher for Jan-March, why are they so keen to hold so much cash?

Will be interesting second half imo. Don’t expect SP to change too much; maybe it will rise to 30c but mgt need to start to show signs of moving the company forward if we don’t want the EV to start to drag down the SP as resource estimate continues to diminish.