Ann: Quarterly Activities Report, page-11

Interesting report.

Production news is a big tick.

Costs is disappointing - to see that margin compression.

But let's be very clear, this isn't just an NIC story, it's happening across the industry with inflationary pressures (pushing costs up), while commodity prices have faced a downdraft from tighter financial conditions and weakness in China. At some point, this will even itself out.

Fair amount of cash on hand, but if you strip out inventories/trade receivables, we'd barely cover a 3c dividend. Still hoping for 3c, but the circa $81m that would cost may make the Directors nervous. No real discussion of dividend in the report, fair enough for quarterly activities report I guess.

Bit more patience needed for holders imo. We'll hit our stride eventually, but we're not there right now.

GLTAH.