Ann: Quarterly Activities Report, page-7

On the conference call it was also stated that because of a cyclone, one payment from a customer was delayed a couple of business days into the next reporting period.

This would have improved the reported cash flow position a bit. It is also worth noting that many of their costs are fixed. NCZ ramping up over this calender year will result in increasingly more free cash flow that will subsequently be distributed as dividends.

PFS due soon will be something else to look forward to, and I am also interested to see if they will realise value from their non-core coal and cattle station interests.