What would a dividend do ?

How would a dividend effect Vault ?
Working with the following information to keep it as unconvoluted as possible:
1/ September 2024 1/4ly Statement Free Cash Flow $35 million , annualised free cash = $140 million.
2/ Australia's better returning GOLD MINER dividend yield , a larger miner , comes from Northern Star (NST) with a 2.6% yield.
Let's use the following yields as per VAU:
Spot Price $0.32 x 2.6% = $0.008 For a pay out of about 7 billion shares is $56 million and equates to 40% of free cash flow.
Spot Price $0.32 x 3.2% = $0.01 For a pay out of about 7 billion shares is $70 million and equates to 50% of free cash flow.
Using a fair pay out ratio of Profits / Free Cash Flow of 50 - 55% it is reasonable in the eyes of new investors.
Could a 2.6% or 3.2% Dividend yield attract enough new investors ?
If it does then it will be reflected in a better spot price.
Can Vault absorb the cost ?
Possibly as long as the price of gold remains as is and there is enough Free Cash for future reinvestment culminating in growth.
AS a share holder what do I think ?
Who wouldn't like a dividend , but it must be well calculated and balanced not to be at the cost of future growth.
Would a 2.6% to 3.2% dividend attract new share holders, absolutely.
Would this bring about an unwinding of VAU's undervaluation , I think so , good old supply and demand.
Is it a good marketing tool for sure to be unleashed at Diggers and Dealers / Denver Gold forum etc. And easy to Market.
Are we competing with the larger Gold Miners , Australian , yes.
Can we back this up with future growth and cash in the bank , Yes.
In short I do agree that a dividend could be a good idea , it may be small compared to Treasury Bonds (U.S 10 year at 4.5%) , not a great return for present investors when balancing inflation yet it is something , as we do the work of holding the line.
For me I think as you do Peter it may at least attract some new blood and help to uncoil a tightly bound spring ready to snap.
P.S I am not holding my breath as Marketing and Sales is not this boards strong point