I agree that 2025 should be seen as a ramping year, and that we should be happy to break even, but for FY 2026, our DFS indicates that AISC (with the Tantulum credit applied) should be U$452. Even if we say that is far too optimistic, and use U$600/dmt as the AISC, at a realized price of U$1,500/dmt, with production at 511 ktpa, FY26 yields revenues of U$766.5M and an operating profit of U$456M (455.9M, to be precise). That works-out to A$690M (689.85M), or pretty much enough to pay-off ALL debts.
By FY27, even if we maintain the realized price of only U$1,500/dmt, that same operating profit of A$690M, spread across 2.4B shares, yields EPS of almost A$0.29 (28.8 cents). Assuming a dividend payout rate of 30%, which is average for the industry, that would be a dividend of A$0.086 per share.
Truth be told, with the typical hiccups associated with ramp-up and a few surprises to be expected along the way, I would expect slightly less than that, but I still expect a dividend for FY27 in the A$0.05 range, and that is assuming the conservative SC6 price of U$1,500/dmt and LTR "only" producing SC6 (since all indications are that we are to be producing SC6.3).
Best regards, and have a nice day!
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Last
87.5¢ |
Change
0.025(2.94%) |
Mkt cap ! $2.121B |
Open | High | Low | Value | Volume |
88.0¢ | 88.5¢ | 85.3¢ | $8.253M | 9.463M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 30489 | 87.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
88.0¢ | 252133 | 14 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 30489 | 0.875 |
7 | 359710 | 0.870 |
5 | 297565 | 0.865 |
4 | 64500 | 0.860 |
9 | 215550 | 0.855 |
Price($) | Vol. | No. |
---|---|---|
0.880 | 242133 | 13 |
0.885 | 249744 | 11 |
0.890 | 195000 | 6 |
0.900 | 192399 | 9 |
0.910 | 45000 | 2 |
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