That's my calc as well oze assuming that the dividend is paid in...

That's my calc as well oze assuming that the dividend is paid in July or so. However, if they pay a dividend of say 80m in July and a further 20m or so in December, then potentially they could have enough credits after paying instalments on another 6 months of WD and royalty cash flows. It then also depends on how much they can deduct for exploration expenses, etc.

Just speculating here of course. A dividend that is 80% franked is still around 10c per share of franking credits (assuming the whole 100m is declared in one hit) and still going to be coveted by many.