Ann: Quarterly Activities Report, page-14

Like I said @RookyKid, I am not saying they should be buying AFM shares, I am just highlighting it would represent a better potential for 'return to shareholders' than 1SN which is literally years away from being any potential return, or cash which is about 10% of the IRR of AFM.

@binwood if I wanted to buy a resource shitcos I wouldn't buy shares in $380M MC midcap MLX, I'd buy shares in $20M MC 1SN. They're different investments and you have different expectations from them. As I've stated, today and prior, I like the 1SN purchase, it just means nothing over a medium timeframe and probably means nothing for my investment timeframe. MLX rose significantly on announcement of the buyback - 79% from pre announcement to peak. Imagine raising equity at a much higher price (driven by buyback) to fund Rentails with a mix of debt and equity (which could also be years away even if they make FID in next 12 months). Seems nonsensical to hang on to 50% cash, which may or may not be used on a project that may or may not be years away.

They've already allocated circa $34M to a buyback that isn't happening - why not at least lift the ceiling a bit and let it actually work?