It's always hard to extrapolate past results for HGO into the...

It's always hard to extrapolate past results for HGO into the future but I can see about $50m of cash generation in 2019 (after spending $4.5m on capex and exploration) based on :

14,000 tonnes Cu at $A9000/2500oz Au at $US1300 less 10% treatment and refining : Revenue of $117.5m

30.086m lb Cu at $US1.50 (see page 23-excludes adjustments so closer to C1):            Costs of          $63m

Capex and exploration                                                                                                                              $4.5m

Cash generation                                                                                                                                        $50m

However with most of this in the second half after cessation of mining the halves split could be about $12m/$38m.
That would only allow for a 2c dividend before June 30.
However I like the sound of other potential mining areas and I think this plant will run a lot longer than 2020.
Anything from PHES is a bonus.