Yes - they have decided to do some balance sheet housekeeping...

Yes - they have decided to do some balance sheet housekeeping now rather than have it impact in FY24 (which is shaping up to be very solid).

Some good cost control evident and shows up in your analysis as well, with COGS $35m under your estimate plus admin also $4m under your estimate.

Interesting that they have kept guidance for FY24 to 3.8-4.2Mwmt - at the moment, they are on track for a much higher number, with 13 shipments for approx 0.96Mwmt shipped by the end of August and a September quarter shaping up to come in 20 shipments at close to 1.5Mwmt. On my estimations of 16 shipments for Dec qtr, 13 shipments for the wet season March qtr and then 17 shipments to close out the year, they could get as high as 4.8Mwmt this year. Either they are being ultra conservative or are expecting higher levels of disruption through the wet period.

Disappointing regarding no dividend as I was expecting that to be reinstated now, but it seems (contrary to past practice where they have only ever paid a final dividend) they have this on the table to revisit at the December half year via their comment "The Board intends to resume paying dividends going forward and will review dividend capacity, including the expected generation of franking credits, at future interim and full-year periods."

They need to get a hurry-on in developing their plan for life after Koolan. Nothing offered via this announcement other than the standard commentary about exploration work and completion of preliminary drilling. One little piece at the end of that commentary that suggests there may be something prospective they are looking into was the comment "Assessment and planning to determine the next stage of activity is underway."