PHES, page-19

Yikes -  as you say likely no cash from the PHES until after FID and then presumably a settlement period taking us into Q1, 2020. So the PHES money is only good for next years divy when Bill Shorten may have got his legislative changes through. Sigh. 

So perhaps the PHES money coming in will give them the capital they need for prospecting or getting set up for UG mining. Either way by this timeline it should  be in before the end of processing the low grade ore. We do need to ensure the business is a going concern otherwise we may get a good divy but lose our capital.

Thanks for your post. The plot thickens!