But to be fair to the financiers, they came up with the cash...

But to be fair to the financiers, they came up with the cash when SBM needed it to buy the gold assets in a very short time frame. At the time of the deal, SBM was under 7c. They have to take the risk that the gold assets under SBM management will come good. If SBM is 5c now, they would stand to make a loss.
Without the gold assets, SBM will not be producing that much gold now but just keep digging holes.
The net effect of the share issue and buy back is to give RCF3 a bigger percentage holding of the company. Looks like SBM is going to pay dividends soon and RCF3 will get a bigger share of the dividends. If the buy back is to prop up the share price short-term for RCF2 to dump their shares, there is no change in substantial holding notice (or I didn't notice one).
If RCF2 and 3 are going to hold SBM for a while, it is also in their interest to see SBM share price going up.
Traditionally, those high risk equity funds make huge returns. They found a good prospect, took the risk and now reap the returns. It seems fair. If SBM turns around and screw them now, it may be difficult for SBM to obtain funds in the future when another opportunity comes up.
I think I will hold for a little longer and see if I get some dividends. I still have faith in SBM.