To be clear I am not in favour of either a Divy or Buy-back. Too early in the company's life cylce for a Divy. I like a share buy-back program only as a way to put a floor under the price, if and when the going gets really rough and the shares were, for whatever reason, getting hammerred. Wouldn't want to see an errant low-ball take-over, especially with pools of cash, and lots of production runway ahead of them. If we can hold here (with the rest of the beten up sector) - by all means lets preserve the cash.
I will change my opinion on both if/when we are on-stream with all projects, there are no new take-over candidates, the momo trade is back into Gold, and there is idle cash on the balance sheet. Then (and only then) would I attempt to wet the whistle of new investors, by driving up the EPS with actual share buy-backs, and pay a dividend - for the blue haired crowd (who'll be moving out of bonds in droves by then - looking for yeild)MM