All fair points - I haven't done any calulations - more of a vibe thing. Although I did dozens of spreasheets years ago when I was first enthused by this stock.
My recollection is that the capex is very modest compared to the expected cash flow. The figures will have changed but the ratios of expenditures to incomes will be broadly the same. The opex is very modest also - there are not many people needed to run these mine sites - I would be surprised if there were much more thn 10 people on site at any time.
Cash flow from the first mine could be used to fund subsequent mines (and so on) rather than borrowing. This would obviously tie up funds. Alternatively, on the back of a successful mine with good cash flow, VRX may be able to continue debt funding expansion and thus allowing profits to be retained and distributed as they accumulate.
TBH, I don't have a feel for when funds would accumulate to the point of allowing dividends. But all funds being tied up for the first 9 to 12 years seems overly pessimistic to me.
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