Ann: S&P DJI Announces September 2020 Quarterly Rebalance, page-4

last months full year financials mentioned it again.
DIVIDEND INFORMATION
The Company’s dividend policy is to deliver superior shareholder value through the return of capital in the form of a
reasonable dividend. Premised upon this objective, the Directors have set a discretionary target of 30% of net profit
after tax as the maximum annual dividend with this target to be reviewed on an annual basis. During FY2020, the
Directors acknowledge that the operations were transitioning from a development phase towards steady state
operations and in combination with the uncertainties created by the COVD-19 pandemic, believed it was prudent to
maintain balance sheet strength and elected not to distribute a dividend for this period.
The Directors note however that during the year shareholders have received a demerger dividend of $13,051,549 in
respect of the in specie distribution of shares in Castile Resources Limited, which held the Northern Territory
polymetallic assets (Refer to note 38). By coincidence, this demerger dividend was approximately equivalent to the
expected yield under the dividend policy, supporting the bona fide intent of the Directors to reward shareholders.
No dividends were paid to members for the 30 June 2019 financial year.