Capital return will come with time. Just needs franking credits to accrue… otherwise it’s hugely inefficient way of distributing capital to the majority of its register given Aussie taxation laws. The buyback is still sitting there (I daresay with a 50cps ceiling but tbd).
They’ve got a blocking stake now in pretty much all of the tin projects that have a JORC in a first world jurisdiction ex Cornish Metals (South Crofty).. and a lesser extend Stellar (Heemskirk). The Chinese have been picking off most of the ex first world projects including Atlantic tin (Achmmach) in Morocco and Pitinga in Brazil.
Options are abundant now for the large chunk of capital they hold on the balance sheet. Franking credits are (or are soon to) starting to accrue too so future cash generation from Renison can be distributed efficiently whilst the cash pile can be used to commercialise those growth options. Company has built NAV from 6cps to 48cps in 4.5yrs. Not too shabby.
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