There's $2.2m cash balance as at 31 December, plus FCF of...

There's $2.2m cash balance as at 31 December, plus FCF of between $3-4m a quarter (as per Q1 and Q2).

Without further option conversions there's likely $5-6m of surplus cash on balance sheet by 31 March 2025 when the dividends are likely to be paid.

With EBIT running well ahead of FCF, I'd assume there's some working capital build up too, which could unwind in the new year. Alternatively the company can choose to finance new (and possibly existing) working capital with 6-7% cost debt from CBA and declare a larger special dividend.

With BSA cost of equity well north of 15%, it's better to fund working capital with debt anyway, where possible.

Declaring a dividend likely force options to convert early to receive the dividend, which also provides another source of financing for the dividends.