I think the answer as to why they don't have a seat on the DEG...

I think the answer as to why they don't have a seat on the DEG board is simple - if they want to buy, they can't be possession of non-public information. If they want to sell, they can't be in the possession of non-public information. I'm pretty sure they want to merge with DEG but DEG doesn't want to. Leaving options open.

On the comments around GOR's acquisitions:

1) Apollo - smart move not overpaying. When someone comes in 10.7% over the top (and that value represents 53% premium to 1 month VWAP before any bids), need to question whether value is really there. Ramelius haven't done anything to date with Rebecca, so looks like a good decision to bank 10% premium on its sale of 20% of Apollo.

2) Tropicana - Regis Resources overpaid. Regis' share price has gone from above $3 at the time of the announcement to $2.30 today. and it's been widely stated how bad this deal was.

If there is a pattern, it's been disciplined M&A to date. De Grey acquisition still to be decided.

I agree with other sentiments though around corporate costs and exploration, and increasing dividends.

Finally, not sure on peak cash flow being behind. GOR updated the Feasibility with a new mine design in late 2018 after Gold Fields got management. Smoothed out cash flows as didn't have debt to drive quest for higher cash flows early (at a cost later on). Best cash flows come at the end when extra stripping is done. Currently, in a high phase of stripping, which can be seen with additional mining fleet mobilised for stripping (and exacerbated by poor mining last year). Note, the below doesn't include increase in milling capacity, so ounces will be higher. Obviously, haven't delivered Golden Hwy yet. Don't know why but should provide a benefit. AISC also increased significantly frombelow but an issue across all gold companies (but still not happy).