On the contrary, there is never a better time to execute a...

On the contrary, there is never a better time to execute a buyback as when you know the share price is artificially depressed because of a desperate, price insensitive seller. If not now, when would you do it? When the share price is much higher? MLX management just needs to make sure that they keep enough cash as a safety buffer for a potential recession, adverse seismic event, etc and on-going mine investments. Let’s call that $100mn. Anything above that cash level should be considered ammunition for a buyback while stock is 30c or lower.