Ann: Primary Crusher Bearing Replacement, page-22

That is in fact a higher grade than the stockpile is forecast to finish at when mining stops. The forecast number is .22%
VAA have done the hard work for you plough, read the valuation, all the numbers are there, .

The free cash flow looks like this.

VAA valuation $88.7m
Copper price adjustment circa $40m (MY assumption 40cents a lb )
Additional tax ($12m)

Total free cash $116.7m
Per share 20.47 cents

Franking credits 24+8+12= $44m
per share 7.7 cents
Which paves the way for
A fully franked dividend of 18 cents
Which requires $102m

and would leave only $14.7m for exploration and expansion.

If they need more than that I'm pretty sure the wisdom of paying fully franked dividends to drive up the share price and make a share placement very attractive won't be missed. We fortunately have the MD of Greshams holding a decent parcel of shares and sitting at the board table..

There is a huge margin for error with the share price at 8.5 cents