I don't think they'll wait until the debt is paid off to start...

I don't think they'll wait until the debt is paid off to start the dividend flow as the company's market cap will rise significantly with revenue and the debt will get to a comfortable gearing ratio relatively quickly. The question is whether the company will see a significant de-risk occur once the EPA approvals and final equity is confirmed, or whether we'll need to get closer to first sales.

We should see a slow and steady rise over the next 12 months provided construction progress progresses in line with the budgets imo.