Thanks Kiwoz48, but the last two transaction have been around...

Thanks Kiwoz48, but the last two transaction have been around $20mill for PRH assets and now a non cash merger with IGR.
If they have $180mill or more PER YEAR cash flow, do you really think they need to hold all of that for building the business or acquisitions?

Remember that free cash flow already allows for organic growth through $28mill per year exploration and all development costs.

Like I said, I don't ever expect to see 9% yield even if it is a 50% payout because the sp will rise once the market has a good idea of what the dividend will be.
I will be happy enough with a sp rise and a lower yield.

Even a 50% payout will leave them with around $900mill cash in 10 years. That would be 90% of the current mc in cash.
Conservative enough of a payout ratio IMO.