You're forgetting about the 936,000,000 options that will likely all be exercised if divis are going to be paid. Sure that will add $23,400,000 if all are exercised - which might help make the first dividend high - but in subsequent years it will cost $38 million to pay out $0.01 per share dividends. If NPAT is circa $40 million that leaves no room for further exploration, purchases, expansions, nothing. Unsustainable at the yield you are predicting.
Captain Cook - Golden Margin, page-238
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