I assume that you are asking this question as a result of the...

I assume that you are asking this question as a result of the current SP?

I'm personally not a big fan of mgmt persuing initiatives for the purpose of supporting the SP. This should almost be last on their priority list.

The co. already has surplus cash and has a dividend policy in place. If they have cash they should be returning it or reinvesting it in the business via organic/inorganic growth opportunities. An example; equity participation in the the recently announced HPAL project. Alternatively build out their ESG credentials which I am becoming increasingly concerned about.

The other thing to consider is debt (they have it). So, rather than spend it on a buyback it would be better to reduce debt. It's all about captial efficiency.