Ann: Update - Notification of buy-back - MLX, page-31

Please go back and have a re-read of all my comments from today.

1) I have not once suggested that MLX is significantly over valued by the market.
2) I hold shares because I'm bullish on tin and have significant confidence in MLX strong balance sheet. I like the cash and no debt aspect, and I like that they're printing cash.
3) I'm very happy with the board as a whole, I think they have made some good decisions in the past such as sell the Copper and Nickel assets, Investment in First tin, progressing studies on Rentails, and spending money on Ringrose exploration, and to date allowing cash to accumulate close to $200m before really investing in a buy back.
4) The ONLY thing I've had a minor whinge about (and probably my first whinge ever on MLX) is the fact that to me (and in my opinion) spending $36 million on a buy back (although not necessarily wasteful) seems (to me) as if it would generate a larger return to me if it were held for a further year or so (till tax losses are utilised) and THEN distributed as a dividend. I would be OKAY with management stopping the buy back tomorrow (so long as the SP doesn't drop much below $0.40). I guess it comes down to the fact that I'm not planning on selling anytime soon, and therefore a capital increase in the share price doesn't offer me much other than paper profits.
5) As stated earlier my biggest concern would be that we spend this money for a short lived increase in tin price. Hypothetical here is that if tin price came back down to $18k USD (as it did less than 2 years ago) or back to $24k USD as it was just 6 months ago, all the share price appreciation would be eroded away.

Anyway now that I've mentioned my point of view on it, and that I'm certainly NOT undervaluing MLX, for the sake of all the other readers, I'll stop arguing on my points of view which is not the same for everyone.