buyers vanished

from looking at historical trades, it seems that only the company itself has been buying the major buyer of shares shares in REY.
It completed a share placement of 50 million shares at 8.0cents and since the 27th Jan2015. On the 9th February it started buying back shares on the market and has bought nearly a million shares since then.

In the December quarterly the company stated that the cash balance was $933,000.
It also stated that the estimated expenditures for the March 2015 quarter were to be as follows:
Exploration and Evaluation $800,000
Development $100,000
Administration $400,000
Total $1,300,000
Over the last three months Rey has spent about $110,000 on buying its own shares.
For a company that had such a small amount of money, this looks extraordinarily strange. The company isn't in production, has no revenue, isn't paying dividends and has expenditure only.
Am I confused or does the buyback look like it was used to support a share price?