Hi Semmel

Perhaps a good comparison would be Elkem who will be supplying synthetic anode material to Freyr. Extract from their website.

Elkem will target a dividend pay-out ratio of 30-50% of the group's net income for the year. The dividend policy forms the basis for the board of directors' proposals on dividend payments to the company's general meeting.

BHP and Rio Tinto payout ratio is over 90%.

What Is Payout Ratio?
The payout ratio is a financial metric showing the proportion of earnings a company pays its shareholders in the form of dividends, expressed as a percentage of the company's total earnings. On some occasions, the payout ratio refers to the dividends paid out as a percentage of a company's cash flow. The payout ratio is also known as the dividend payout ratio.