The dividend is a one off from the proceeds of the partial sale of EME.
They have enough cash left to work towards another advanced project but that will take some time.
The EME and ALY assets are the best of what is left and it is possible they may realise their value if either is sold. EME is more difficult to sell due to FIRB ownership caps. ALY is potentially in play with OZL taking 19% but this also means they have their foot on the neck of it so tension from other parties is harder to achieve with a blocking stake.
I rate management highly but by the same token the current price is overpaying by quite a margin. I will be a buyer when they pull back to 30-40c (ie. a discount to their liquid assets)
JRL Price at posting:
62.0¢ Sentiment: Sell Disclosure: Not Held
