Valuation, page-14

The current track record on dividends albeit the last 6months, appears to be they have reached their minimum held capital requirements and if there aren't any major capital investments at hand, then additional capital is being returned to shareholders. Some history on this is as follows.

I spoke to management back in August last year after they announced the 2 cent dividend, I asked them why was the dividend so low, the response I got was as follows, 'Whilst the board would of liked to pay out a bigger dividend, they deemed it more prudent to retain capital as two large potential investments will be decided on in the near future. Once a decision is made on the upcoming projects and capital requirements verified, the company will then look at returning more capital to shareholders". It appears that once a decision was made on project progression and funding requirements they then announced a special dividend of 10cents December 2021.

Then in late in December they announced the prefeasibility underground study results and the next phase of the project. Then in February they announced another 10 cent dividend, then followed on the Southdown prefeasibility study in March.

To me this all demonstrates the company has more than enough money at hand to progress the projects to the next stage and pay as much as it can to shareholders, until capital is required to develop either or both of the projects.

I am not saying shareholders are guaranteed to get 10 cents announced in August, but I think if the money isn't required we may all get a shock what they pay out.

glta