Situation of every company is different. I do not think that dividend payment is the right thing for this company. This is mostly one trick pony & that trick is being compromised & has limited cash. The rebound in share price of this company depends first on a proper resolution of the situation in Egypt, even if it is a revised lease.
They cannot afford dividend when they have to make further investment in the project plus what will they do when they run out of cash, raise more money? As long as they have cash they will not go bankrupt & have some options even if Egyptian operation is nationalized. If their cash position was lower then short sellers would be more encouraged & be aggressive as the company would have fewer options besides Egypt.
The best use of the money is diversifation & conservation of cash. The stock is today trading at $.60 because they have cash & some more options. The market has heavily discounted the Egyptian operations & has attached little value to the share price at this time.
In my opinion a dividend will be a big mistake. What they have to do is buy a profitable producing operation & conserve cash.
Financial results were very good unfortunately they are not reflected in the share price.
Since CEE has been dropped from the gold indices there is no liquidity in Canada. There are some arbitrage orders when UK is open only. After UK close these orders also disappear. This could also mean that this stock is not widely held in Canada. Now this stock has to become very hard to intraday trade Canada. That also reduces the volume in Canada.