Subtract the taxable amount on CCP and then what have you got...

Subtract the taxable amount on CCP and then what have you got left?? You seem to have left out a significant liability of the taxable component of CCP sale plus we know they are spending $10m year 1 on drilling.

EXS would have less flexibility for drilling and developing CCP mkII if they pay out their cash balance. They would then be at the mercy of the vagaries of the market for Au and royalties as these are in the future (not actually banked yet).

By retaining cash there is nothing stopping them paying another dividend with excess cash from WD and from Copperchem royalties at a later date if they can't add value with the money themselves.