I think Dingo Range is ahead of Memot in the priority stakes. I think 1H CY26 we are producing out of Dingo Range if we build our own mill. So far, the company has been reluctant to flex its muscle through M&A activity. In Cambodia, it likes to use earn-ins and JV's, but in Australia we haven't seen a lot, other than the Bullzeye takeover. The Sprott Acquisition Fund has remained undrawn for a few years, could 2025 be the year that it's unleashed?
As has been noted, the Sprott funding liability will end around 31 March 2025. The money that has been sent to Sprott (either in cash or the now amazing gold sale program for them) will obviously remain in the company, so does that mean more a lot more drilling, or is that allocated to a mill build, or is that used to acquire neighbours in the Dingo Range? I think those answers will be given in the next 2 Quarterly Reports. So, 2025 sets the direction for the next 10 years (final decisions re Dingo Range and Memot development), and mentally I see it as Stage 2 of the company's life moving from only Okvau production to Okvau+ production.
I'm not expecting a dividend in 2025, but hopefully in 2026 they start to flow. If not 2026, then definitely in 2027. Never forget the relatively low number of shares on issue! An interim and final dividend of 4c and 6c respectively, totalling 10c, will only cost the company $66M a year; not that the dividend payouts will necessarily start at those figures. It's guaranteed that management are certain about what they're doing during next year and that they are currently planning to execute whatever they've internally decided upon- the recently announced MACA Exclusivity Agreement tells one that! Dingo Range is proceeding to development seemingly, and Memot keeps throwing up high grade intercepts, so management need to work out is Memot to be a standalone operation or not. Whatever, keep those drills turning both day and night in both Australia and Cambodia!!!
Happy to let it unfold, but keen to see the answers!
GLTAH
EMR Price at posting:
$4.16 Sentiment: Buy Disclosure: Held
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