Yeah I actually think they will have to keep buying back at...

Yeah I actually think they will have to keep buying back at higher prices because I just can't see them completing this buyback over the next 12 months with increasing commodity prices, increased NPAT and EBIT and increasing dividends.

I agree with you in a sense that buying back over $3 is obviously the lowest risk scenario for management. Taking out say SYR which is a tier1 graphite asset could be a good move. Also potentially moving on some strategic Lithium deposits or cobalt would be higher risk moves but could generate higher returns for shareholders and in my opinion is looking more into the future. This is what I feel S32 should be doing but I still believe I'll make good money with minimal risk with their current plan.