These are very interesting and useful impressions.
Ideal would be debt and no hedging. How likely is it? WAF financed Sandbrado without hedging at 7.5% with Taurus. On the other hand, GPR's hedge-free debt with Sprott involved a 'gold-price participation agreement' which will cost about $38M at spot prices - horrific. These are risker jurisdictions of course.
I wouldn't like to see the dividend dropped. They'd need to drop it for a couple of years to make a meaningful contribution to project financing. I feel the dividend expectation imposes a discipline to return profits to shareholders. One of the chief attractions of RRL is that now they have that history of dividends, they'll be loath to drop them.
RRL Price at posting:
$3.59 Sentiment: Hold Disclosure: Held
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