Ann: Investment in Elementos Limited, page-14

We have obviously tried to buy Greentech with to date no success.

So counterpoint - outside Renison and Bisie (location aside) what do you consider a 'quality' asset in the tin space?

I would contend that there aren't many if any.

So your options are buyback $5m of shares at current price. Gives you incremental EPS of 1%

Or you take strategic positions in juniors that have 'feasible' projects.

As @Autosime said we have seen gold stocks do 5x expansions with a price move.

ELT has about an A$350m NPV at spot. But a move just to $40k/t tin makes that $700m. At $50k/t tin it is $1.1bn.

A 20% investment in a $25m junior with those metrics gives us a better call option on tin price increase than a 1% EPS lift from a buyback.