Cash-backing of 66c per share or $234m. Bit lower than I expected as they spent almost $5m on exploration and also the copper royalty hasn't started flowing in yet, so still extremely positive given that royalty will earn 25m to 30m over the next few years.
If cash-backing stays flat for the next month (we will earn $2m in interest and further cash from WD and maybe the first copper royalty, but will incur more exploration expenditure), then we should have $99m post-distribution, which is 28c per share. After the tax-payment of $47m in Feb, that leaves us 15c per share cash-backing and 1.5c of franking credits.
At 70c per share, the market is still only assigning 3.5c or $12m of value to all our copper royalties and exploration.
EXS Price at posting:
70.0¢ Sentiment: Buy Disclosure: Held
