Travelling ATM, so don't have these files accessible however I'm pretty sure my calculations for first dividend were closer to 2.5 cents per share in FY21, acknowledging a need for ramp up and hitting name plate, paying down debt, funding exploration, earn-in costs for JVs, etc. Over a number of years my model grew to about 10 cents per share. I'm happy with 12 cents a share, but I think Duncan and the board would be a lot more conservative in the first few years.
See you at >$2.45, page-128
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