bball - I think the storey with NCM is that they plan to use a...

bball - I think the storey with NCM is that they plan to use a good chunk of money for exploration and development instead of it paying out as dividends and using debt to fund the work.

If you're in then you just have to accept this is how they do it and decide whether you think they have the capability to make it more valuable than cash today. I think they have a good exploration track record, so I'm OK with my "dividend" being reinvested by them - because what they find will be worth many multiples of the exploration & development cost (IMO).