Likely Dividend?, page-6

I suggest the proponents and those against dividend distribution look at Northern Star Resources (NST). They started a maiden mine 'Paulsens' in WA. They build their processing plant, increased resources, bought other tenements, and became more than a single mine business before they started distributing a dividend, and this was in an environment of static / declining gold prices.
By increasing production, and having multiple operations see's AISC reduce.
Think about a scenario where Tietto opens up more operations along the Abujar main shear, APG leach operation. Your management cost is already booked, executive and head office costs (booked as well), exploration and resource definition whilst increasing is more efficiently spread across an increased production metric.
The key for me is to get the AG core and grade inconsistency under control. Get Howard Golden in country to re-define resource opportunities in the vicinty of the current operation. Spend some capex increasing the capacity and / or providing redundancy to the current mill. Look at opportunities with the contract miner to increase efficiencies with mining.