Ann: June 2024 Quarterly Activities Report, page-3

It does seem to be middle of the road. I like where they are at and the order of prioritization. First they paid off majority of acquisition cost, now they are undertaking significant capex projects, to be completed in aggregate by early 2025. Even after capex investment, a small debt payment and a huge tax bill, the managed to accumalte cash (beyond the contribution from the wards well sale).

I'm still very annoyed by the whole m resources - mavis/millenium debacle. So much shareholder value destruction, it has put management's alignment with my interests in to question. Has anyone added up the costs yet? I've got over $150m US attributed. Imagine what could have been done with that: buyback, dividend DOUBLE of what was paid last year, knock off almost all of the remaining debt... The only benefit I can guess at is port and rail volume allotments.

That being said, there are some positives coming up, in my opinion. By next year the capex projects will be mostly done, so a few years of lower strip ratios with short haulage to chpp, acquisition fully paid off, tax normalization, hopefully leading to some good cashflow. Let's hope management uses those funds in ways which best reward holders.