Company has declared its maiden dividend of $20m (best yield in the precious stones sector of 7.3%). It has been a long-held ambition of the company to pay a dividend to shareholders. With the balance sheet once again solid (net cash at Y/E with $63m), it can now pursue growth (2nd wash plant at MRM; 200% capacity lift) and return money to shareholders. Russia’s war has shown no negative impact on precious stones market thus far. We expect strong prices to continue. Raising price target to 25p, 42% upside.