My 2c worth:Share buyback: Great for making various ratios look...

My 2c worth:

Share buyback: Great for making various ratios look great on paper, as it obviously reduces the shares on issue. However at the end of the day, these ratios are ALREADY looking excellent based on the current share price, and there is still no uptake! Right now based on $0.36c share price, PE is probably around 2.5-3x and seems to be no interest. Plus you would reduce your cash available for further capital or expansion works such as Rentails.

Dividends: Unfranked, reducing the cash balance available for further operational expansion.

Expansion: Catch-22. By not spending cash on share buy backs or dividends, you would expect expansion of operations. However, what's the point of increasing production if there is no margin left in the sale price or even selling at a loss IF price the of tin drops to mid US$20k.

I think management have a lot to consider from multiple angles, and I personally believe the mid-long-term forecasted tin price is a crucial factor in decision making.

Personally I would see where the Tin price is in 3-6 months time once a lot of the current macro sentiment has blown over before making a decision. No point doing a share buyback if Tin price falls below profitability as instos will not come rushing in to buy shares.