$400k spent on drilling saw the stock tank further Spend less...

$400k spent on drilling saw the stock tank further

Spend less than $800k to buy back 10% of the register, remove the overhang and still have $5m+ to go exploring, stock would be 10c easily

What you fail to realise is buying back your own stock at 40% discounts to cash is money for jam. It increases the SP and cash backing at the same time

$5M is plenty. I would prefer 10% less shares, 10c stock, no overhang and $800k on a buy back then them just sitting on a hoard of $6-7M doing nothing