True to a point, the Phase 2 expansion of SC has the potential...

True to a point, the Phase 2 expansion of SC has the potential to net 2-3x revenue. H1 2024.
UG has the potential to add higher grade increasing head grade and revenue,
Met project test work has the potential to add 1-2 maybe 3% increase in recovery, each % is additional revenue.
All these easily cover a small dividend as mentioned $2m for 1c, doubt there would ever be share buy back with only 200m soi est.

Growth is more important for sure. And while Midrim and Laforce look great potential, priority will always be firstly filling that 2024 gap, building LOM on SC 10-15 years, increasing production rate. Build out and protect the cash generator is the priority!

''Feasibility studies done then move to develop then production'' on Midrim/Laforce if that scenario eventuated would be years away - well into RFR being at triple the production rate/revenue and into the UG higher grade. Could be in EBITDA of $30m pa. at that stage.
Easily enough to cover a substantial annual aggressive drilling campaign.
A MRE is the first milestone, if there is a justified economic deposit somewhere there.

Fastest timeline I have seen was Nova discovery by Sirius from memory discovery 2012 producing concentrate by IGO in 2017. 5 years is super fast in mining sector.

Anyway, not too focused on these issues for now, was just relaying the dividend question to a poster and what info I had.
My focus is on drilling southern extensions, HEM, Met work.
I would not be surprised if they go JV free carry on Midrim/Laforce once the HEM is in and perhaps a few positive drill holes,
lots of coys itching to get onto a decent Ni,Cu, PGE deposit. something like 70/30 under terms.

And ya mate, you need to jump on soon, the bottom is in IMO, rising from here I hope.