Whilst I am all for the best success and future positive news coming out of this project, I must say that I don't (in my opinion) think a share buyback is on the cards at all.
If ARU have surplus cash, there's little reason to engage in a share buyback - they would keep the money and use it as a buffer in case the offtake or project funding arrangements take longer than expected (which is a real possibility given how long it's already taken).
Whilst it sounds good in theory for shareholders right now, share buybacks usually occur when a company has money in the bank during operations and after a period of profitability.....not when they will need the cash for the development of a project, not to mention the double dipping of professional banker/lawyer/advisor fees to launch the capital raise and the buyback.
Just my two cents and I may be wrong - but I don't think a buyback is on the cards now, but hopefully it is in the years to come.
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