Ann: Underground DFS shows value uplift and long-life mine, page-18

My two-cents only: I had my fair share of experiences of holding companies that asked the shareholders to take the risk of accepting lower returns/dividends due to a period of large CAPEX investments and then, when the strategy finally pays out and improved cash-flows are coming in, the companies are taken over by a big player or private equity at a null-to-low premium (Tassal Group being my latest example).

I will say then: if the investment idea is that solid, taking some debt is perfectly justifiable while maintaining the current dividend policy - which is quite conservative already anyway - say 20M-40M/year.

In terms of accelerating the development of the block caving solution at cost of extra CAPEX, it is a great idea but I am unsure whether it is feasible regardless of the money spent. The proposed timings indicated it in the feasibility study seem sound and I am not sure exactly which stage could be curtailled.

Anyway, my opinion only and I am SLOWLY growing my position in this company again.