X64 has no business investing in PNG, they haven't earned the...

X64 has no business investing in PNG, they haven't earned the right to go out and splurge on M&A. The only thing they should be buying is their own shares. That isn't even Corporate Finance 101, that's Jr High School level math. They are already involved in an expensive expansionary project in Philippines, they don't need another one, and especially not one in one of the few countries on earth that is sketchier than Philippines.

On the comment before about why the buyback stopped, I think they could be under blackout.

What I would like to see from mgt at the next earnings result is some grown up capital allocation plan, that looks ahead 2-3 years and commits to dividends, buybacks, and completing the Tigerway project. MAYBE I would be ok with some very small CAPEX in Queensland. Afterall, this mgt team issued 10% new shares for that project. That is all this mgt team has the bandwidth to cover, and if they can communicate clearly and execute steadily, this will be a great entry point for investors.

But they have no business going into a new country, period. If they do, I think Ruffer and Arbiter should may a push to oust the entire Exec team and bring in a new one. An average MBA grad partnered with a slightly above avg McKinsey consultant from Sydney could double the share price in a year.