You're not wrong, but again a company with 97M in the bank...

You're not wrong, but again a company with 97M in the bank should still be valued there. Granted doesn't have to be exact but neverless its alot harder to value a company less than if they have it sitting there in cash.

Personally, I do read the announcement that it will only all go back to shareholders if the IPO floats for Graphite which is a pretty big if.
Alternatively they could pay out half in divies and then use the remainder to acquire another project but again.
You'd get a mid 30s to low 40s dividends and still keep your shares to sell for more. Granted the ex-div date would cause the SP to drop it likes it hot. It should in theory still be the MC equivalent of its cash, which should be 40ish mill. ~ 40c share price. So you would be looking at a 70-80c share there

And for those saying around tax implications, it would be unfortunate for the divies because I doubt there would be any franking.
As for tax on the asset itself the company has use tax losses already and they've held the asset for more than a year so the capitial gains tax would be minimal.