IMO pretty unlikely to pay divvies when they are making so...

IMO pretty unlikely to pay divvies when they are making so little in profit (but last quarter FCF of A$37.8m (before capex & exploration of A$9.3m).is good) - also with A$541m in tax looses they are not going to be paying franking credits for some time yet. Probably best for them to spend money (prudently) on increasing production to 300,000+ ozs with purchase of new assets or re-starting Andy Well (after proving up more reserves and/or acquiring "bolt on" reserves like SAR did for Thunderbox). If their peer group becomes the likes of EVN, NST, OGC, RRL & SAR (the 300,000 ozs peer group) rather than PRU, RMS, RSG, SBM & WGX in terms of production then the SP should re-rate substantially - IMO that's better than unfranked divvies. However given SLR history in the Murchison in 2013/14 it needs to be a success - failure a second time would go down like a lead balloon (that's why we have A$541m in tax losses). However SLR (and it's tax credits) may be attractive to the 300,000 ozs+ peer group since merging with SLR would project some of them to 1mozs/yr status where the merged entity would be compared to a peer group like Goldfields, Kinross & Anglogold.