Ann: Quarterly Activities Report, page-10

Yep clear difference - one presents a high IRR investment with potential for liquid return to shareholders plus dividend income, whilst not being limited to a paltry $4M. One presents a exploration/development risk/potential that will take many years and a liquidity event to be a return shareholders. I am not saying I don't like 1SN purchase either but a $4M 'investment' on $180M cash pile is meaningless for current shareholders and any realised value is a long long time away. Compare that to an AFM investment which would be real returns whenever you like.

I am not even saying that is what the should be doing. I am talking about the commentary not matching the actions, and the fact the capital management plan is lacking imv.