I agree - I think for obvious reasons they should be as...

I agree - I think for obvious reasons they should be as aggressive as they can over the first half of the SBB with say 50-60% of free cashflow to be used on the buyback. They’re generating circa $1.35m per week in FCF so spending $650k per week on the buy back will not be a problem (approx $120k per day on average). I think we should not forget at this rate MLX will still be growing their cash balance over time whilst simultaneously buying back shares, all else being equal.

At current margins they’ll still grow their cash balance by circa $30m year on year after all shares are bought back. So we could see a cash pile of say $190m in a year’s time with 10% less shares on issue. What a beautiful position this company finds itself in.

The way I see it there are a multitude of ways they can grow eps (Earnings per share). There’s eps accretion via a buy back, via the acquisition of higher grade tin assets nearby, via a prudent strategy to develop rentails and prudent cost control at an operational level.

Imagine if the tin price rallies into the US$30-35k range in the next 6 months. I honestly can’t recall a better placed producer in all my time in investing as the underlying risk is so low relative to the upside potential.