In agreement with your points @Autosime. My memory is a bit hazy...

In agreement with your points @Autosime. My memory is a bit hazy but I do recall a 2017 Rentails DFS stating 100mn capex (MLX share). That figure would easily be up by 50%-100% in today's terms as you have estimated. Maybe I've missed it, but I haven't really seen an updated DFS. Is there one in the making, and if so by when? What is the timeframe for getting Rentails up & running? If it's a "definite" go-ahead within 1-2 years, then it's prudent to hold cash for Rentails - provided project IRR beats a buyback and management should clearly outline that this would indeed be the case before embarking on Rentails. However, if doing Rentails is a "maybe" in 3-5 years, then it doesn't make much sense to hold on to so much cash without some form of capital return that is in line with a decent bond return, say 5% annualized.

All I want from management is to be clear on the above. Think it would do wonders for the stock price in combination with clocking a minimum FCF of A$15mn/qtr.