Ann: Sandfire March 2024 Quarterly Presentation, page-10

Allgrin, I would expect BH & team to zero the ~$500m debt before you can expect a divvy. Instead, expect robust capital gains as retained earnings replace borrowings. They know the value of a very strong balance sheet through the cycle.

Today, they play a delicate balancing act where their manifold internal opportunities are only pursued from FCF. Drill money to reveal adjacent orebodies and prove up reserves is being carefully husbanded.

Then there is the sleeper - Sotiel - where another concentrator the size of the existing unit is being considered. Sotiel has an Inferred (lowest certainty) 73mt resource from which 0.5mt pa is mined. Doubling the Matsa operation recommends itself. See: Slide 19 of the presentation, also the Sotiel thread here on HC.

Progress will accelerate mightily if the recent rise in copper prices holds.

I too wish for good rains across Australia.

Ash