Explication why ?, page-7

"Capital expenditure of $100.7m (v $60.6m pcp) reflects investment at Sugar
Zone and elevated underground development at both Western Australian
operations to established high grade mining fronts"

So 40 mil in cap ex for 50k ounces makes +$800 / ounce. With the sugar zone future production of "45,000 – 50,000 ounces at AISC A$2,250 – 2,550/oz" it is burning all the company profits to date plus some as the last qtr report shows.

I have been a holder of SLR for many years and believe it has a bright future, however it will be struggling to show profit for another year IMO (as long as gold doesnt moon )

JL - as for the buyback, it was a non event for the value of shares purchased by the company. I believe the company used the buyback to stop the funds playing.