Ann: Quarterly Investor Update, page-11

Spin: It is also a little disingenuous to say "we're doing fantastic compared to a year ago.... " seeing as 1H22 had a whole load of reasons why THAT period wasn't better (in other words, this year is only good because the bad things that happened last year didn't happen this year?). When LAST year's lower than hoped for rig utilisation was explained by several things, it is disappointing that this year's is even lower.

FROM LAST February, reasons why rig utilisation was affected
"Significant wet weather events have impacted operations throughout FY23 Q2 and led to longer than anticipated seasonal shutdowns in some locations over the Christmas period."
"...changes in client requirements led to unplanned variations to a number of contracts in December. While demand remains strong and the majority of these rigs have been assigned to new or expanding contracts, utilisation was lower than expected in December. Budgeted demobilisation and ramp-up costs associated with re-locating rigs were brought forward after the unplanned contract changes, negatively impacting EBITDA in the short term."
"The FY23 Q2 result was impacted by a safety incident ... operations of five drill rigs were suspended for approximately one month."

Wonder what impact there will be of the weather events of January? Can someone ask?
(Gold is about 40-50%, not sure how much is in metals that have taken big hit recent months, and potential cessations of exploration?)

Still, it's a company that's generating a strong cashflow, that's paying down debt fast, announced a HY div (didn't get one last year). To be fair, in the 1H report they said "The Group expects to pay a full year dividend this year, with the intention in the following years to pay both interim and full year dividends." so they have come through with that!