Ann: Update - Notification of buy-back - MLX, page-5

Glad to see that with the end of the blackout period, the hard ceiling at 37c has been removed. I hope that rather than just another hard ceiling (at 40c, 45c, 50c whatever) it's instead at least broadly referencing some share price : tin price ratio, so that if (for example) the tin price goes to $38k and the share price only to 45c, the buyback will be active in that situation. I'd also be ok with it slowing/shutting down in the inverse situation, which isn't possible with a simple hard ceiling, although tbh with all the blackout periods I'm more inclined to support buybacks running a little bit insensitively rather than trying to pick bottoms; the point of the buyback is that I'm bullish the stock, after all.

As I understand it we're a good ~2 years away from being able to pay a fully franked dividend, and that's assuming not a single dollar more of off-the-books unrecognized losses gets recognized, of which we have some obscene amount in the hundreds of millions. So it's basically the buyback, more Ringrose/First Tin, or leave it in the bank

Keen to see how it all progresses