@CallandPut You are being a bit harsh on the new MD even though he may have some private thoughts on what he believes is under the pit.
The 16/4/19 announcement lists when we get paid the various PHES instalments. Namely $1m on signing project agreements, $4m once conditions are met, $5m when water licences and approvals etc are granted, $10m on development approval or grid connection agreement and the final $11m when AGL make a Final Investment Decision. So as of today the best we would have is $1m.
Future Dividends ? - I would hope another will be announced soon enough and payable in September/October. (my opinion only) This will be sourced from processing the ore, not from any PHES money.
Future Direction ? - I think it is well known that they commenced drilling on June 24th and this will continue for abt 2 months. Not sure any MD will be out making suggestions/insights at this stage of drilling. We could get some comments in the Quarterly if they have something to say from early drilling. Recent history suggests that HGO Management will not be out selling any dreams. The results of the drilling will help determine whether they proceed with UG mining. If successful and viable I think its obvious that getting that ore out before the Giant Pit is flooded would be the first goal, particularly whilst the processing plant is still operational. They can also get the early works done for AGL (contracted) to utilise machinery/workers on site. If unsuccessful then we either move to the other prospects and/or the company looks to distribute assets and demerge the processing plant and mining tenements into the New Co as previously suggested. Then we wait for PHES.
Given this companies past "overspend" chasing gold/copper to the bottom of the pit, I think Management are now very cost conscious and will let the numbers dictate where and how much they will spend chasing the next deposit. I think we would all agree that success in finding an alternate source of ore to keep the processing plant running would be a great result.
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