dividend or option !!!!, page-16

The best thing a gold mid-tier/junior can do is to start generating enough cash to ensure they do not need to raise more in the future (a bank account to fund replacing the deposit currently being mined, replacing the capital plant and equipment being worn out mining the current deposit and giving the company the opportunity to grow the company through M&A activity). I doubt that many investors that really understand the gold business expect dividends and I am yet to form a real opinion about share buy-back strategies as they are often a distraction or a reflection that the company has no real strategy for growth at the moment.
Unfortunately, if a company has cash, they become a target so buy backs can be a good strategy but nothing beats a strong balance sheet and happy shareholders (but in every world, cash is King)
Then again, what do I know?