Thats interesting, page-11

A fair genuine question. In all the time I have been in low cap spec stocks I've never seen this.

Obviously they sold an asset so they are using some of those proceeds to buy shares back....but the asset was bought and explored with SH money, and they cap raised and issued shares to gain that asset originally, so effectively using SH money to buy back shares....but they aren't making any money...so at some point to develop their current assets they will need to raise money from..you guessed it..the shareholders!

The only reason I can think they have gone down this path is they are very confident that they can buy back shares (with our money, not money they actually made) now and because they believe in the project so much they can reduce shares on issue, and when they do need to raise they will raise at a higher price. If that is their theory....then I hope they are right!