Yes, that's my view @mikebrisy - that they reduced the interim dividend to use that cash to pay for the part-acquisition of SAXUM, but that their dividend should be back to normal levels now. You will recall that they flagged the reduced interim dividend on the day of their AGM - 12th Nov - and then put out a clarification statement late on that same day: Clarification-Regarding-Dividend-Guidance.PDF in which they said:

Lycopodium Limited advises the guidance of between 0 and 15 cents provided in relation to dividend included in the FY2024 Annual General Meeting presentation released today, pertains to the first half dividend projection (1H FY2025) only.

That suggests to me that the dividend reduction was only intended to apply to that single interim dividend, the 10 cps FF div declared in Feb.

I could be wrong, but that's my understanding. We'll soon see.

@Bear77 @mikebrisy I think the dividends will resume on their announcement. LYL management are super conservative with the balance sheet. They could have easily paid the full dividend and maintained a track record of zero debt. I’ve been adding lately. I think the business will return 16% per year to shareholders (dividends and growth) at the current share price.

Held IRL (5.6%) and SM

@Rick and @Bear77 - good to get your perspectives. I've just been running the ruler over all my positions heading into results, thinking about where to cut /where to increase, and whether to preempt results or wait.

Am I right in saying that the only newsflow we've seen recenlty for $LYL is either new project awards or successful completions. I'm talk beyond ASX releases and more generally. If so, then the return to full dividend is a potential catalyst, given where it is sitting in the sector.

Yes @mikebrisy - new project awards plus one new Board member (Change-to-Lycopodium-Limited-Board-23-May-2025-(Rob-Radici).PDF) + Bruno Ruggiero, an executive director and LYL's technical director selling $6.75 million of his LYL shares - he still holds around $11m worth of shares.

I wrote about that share sale in my straw here titled "Good Setup" (under LYL) - here's some of what I said:

• 10th July 2025: Their only announcement during the past 6 weeks has been a Change-of-Director's-Interest-Notice.PDF showing that Bruno Ruggiero sold 650,000 LYL shares on June 17th for $6,750,705 being @ around $10.39 each in an off-market transaction.
• Bruno is an Executive Director at Lycopodium and also their Technical Director, overseeing the company's technical knowledge base, capabilities, and direction, alongside their MD, Peter De Leo. Bruno's responsibilities include extensive project involvement, strategy development, and the delivery of technical solutions in its EPC (Engineering, Procurement, and Construction) business. 
• Bruno is also a Non-Executive Director at ECG Pty Ltd and is the Board Chairman at Quantum Graphite Ltd (ASX:QGL). Bruno is also a director of Sherwood Utilities Pty Ltd and has interests in two companies (Luala Pty Ltd & Ziziphus Pty Ltd) that between them hold all of his 1,000,520 remaining LYL shares. One or both of those two (Luala & Ziziphus) are probably corporate trustees for family trusts or similar. Bruno also holds 52,047 Class A Performance Rights.
• It was a big sell down ($6.8 mill), but he still owns over $11 million worth of LYL shares plus the performance rights. He also holds more than $10 million worth of QGL shares (where he is their Chairman).
• The market doesn't seem overly worried about it. Peter De Leo (their MD) still holds 920,200 LYL shares, so Bruno is still ahead of Peter with his remaining 1,000,520 LYL shares. Their Board Chairman, Rod Leonard, owns 902,930 LYL shares.
• There's plenty of skin in the game at both Board and C-suite level.

That's all I've got. I do however note that with the gold price still hovering around all-time highs, there are going to be a number of gold projects that might not have been viable at substantially lower gold prices, but are probably worth progressing now at these gold prices. My understanding is that LYL is busier than usual with scoping and feasibility studies, all of which may lead to more EPCM work.

@mikebrisy & @Rick I have been going through the SRG and MND reports today in preparation for LYL tomorrow morning (Wednesday) and GNG next Tuesday, and I came across this in Monadelphous' report:

Mondium, the Company’s engineering, procurement and construction joint venture with Lycopodium, secured a major design and construct contract, also with Rio Tinto, for a new sampling facility at Cape Lambert.

Source: Page 3 of Monadelphous-Reports-2025-Full-Year-Results.PDF [19th Aug 2025]

I Googled it and that contract from RIO was awarded back in August last year: Mondium was awarded a design and construct contract by Rio Tinto for a new sampling facility at Cape Lambert on August 15, 2024 according to Mondium.com. The project is expected to be completed in mid-2026. 

Source: https://mondium.com/#:~:text=News: 15 August 2024,Learn More

It wasn't mentioned in LYL's AGM Address and Presentation in November 2024, or in their Full Year report in August 2024, and a search of "Mondium" in their H1 of FY2025 report in February this year returns only the following, apart from details of directors of LYL also being Mondium directors:

1. During the period ended 31 December 2024, the company received a loan of $4,800,000 from Mondium Pty Ltd (2023: nil).  The loan is expected to be settled through a dividend from Mondium Pty Ltd before the end of FY 2025.
2. Details of associates:

Lycopodium has the following associates:

• The Company has a 31% interest in ECG Engineering Pty Ltd, a private company established to provide specialised electrical engineering services to the mining, utilities, materials handling and industrial industries.
• The Company has a 49% interest in Kholo Marine & Minerals Pty Ltd, a private company established to provide project delivery services where the mineral or targeted resource or project is situated in South Africa.

Lycopodium has the following joint ventures:

• The Company has a 40% interest in Mondium Pty Ltd, a private company established to provide engineering, procurement and construction services. Mondium is able to provide full project development and execution services, from conceptual early design through complete project EPC delivery. [Monadelphous own the other 60% of Mondium]
• The Company has a 50% interest in Orway IQ Pty Ltd, a private company established to provide remote optimisation consulting services to the minerals processing industry.  

So no mention of the Cape Lambert contract except from Monadelphous and on the Mondium website: https://mondium.com/#:~:text=News: 15 August 2024,Learn More

However, Rio's Cape Lambert project doesn't feature in Mondium's "Current Project" list: https://mondium.com/our-projects/

Point being - a HEAP of other work does show up there which LYL are clearly not detailing as contract wins because they only own 40% of the JV and they're just showing those JV earnings in their results as earnings from Joint Ventures and Associates.

Anyway, it just feeds my belief that there's a lot going on with LYL that they don't report on in terms of contract wins. They're really the quiet achievors of Australian E&C - they just let their results do the talking.

I reckon they'll report well in the morning - we shall see.

Disc: Holding, largest position IRL Held outside my SMSF because they're ex-ASX300.

P.S. As well as LYL, EGL is also reporting in the morning. I have a much smaller real money position in EGL, although EGL and LYL are my two largest positions here on SM.