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mistermeister, there are many reasons why a share buy-back won't happen, but one of the most pertinent is that the lenders and any future new investors in the company will not allow it. They didn't provide the cash for this purpose.
Putting that to one side; when are you guys anticipating the fabled and much awaited (not by me) bid for Cornerstone?

mistermeister, why on earth would the company waste precious cash doing that? It needs every penny it has to progress the strategic plan. Buy-backs are only for those companies with excess cash.
Anyway, you needn't worry about it - it isn't on the agenda and won't be for years, if ever.

Fruitbat, I take it you are aware of insider trading restrictions?
A corporate finance advisor, in this case Citi, has full access to everything which is going on within a company, or should have. It will have seen many documents, projections etc, which are not in the public domain. It will be privy to all discussions which may have taken place with third parties. Consequently, they cannot engage in any form of share support operation.
Anyway, as I said, this was a conversation held several weeks ago, but please don't believe Citi can act in this way. They can't.

fruitbat, this discussion was had a few weeks ago. Citi, acting as corporate finance advisors, cannot engage in the act of supporting the share price. It is illegal.

What do mean by "Citi showing their hand"?

Thank you for all your thoughts - it seems a fairly divided picture and I remain undecided.
For me the situation provides a conundrum: I have a certain amount of free cash and want to reinvest in the market. However, although I firmly believe in the long term future for ITM, at some stage there may be a retrace and although over the long term this wouldn't be a concern, it comes with an implied opportunity cost i.e I may be able to make a better short/medium term return elsewhere.
There's no easy answer, although I'm almost bound to get it wrong.
Anyway, thanks again, guys.

bought these shares when they were about 40p, and thought myself very clever when I sold at about 70p. Ever since my jaw has been dropping in amazement.
There's no doubt the company has a great future and is in a great space, but is it really worth £1.2bn right now? Will the stratospheric rise continue?
Please don't accuse me of deramping - I'm most certainly not, as I happen to think it's a really good company. I want to reinvest, but I really am struggling with the current valuation.

on the government to get the mining industry moving has been increased considerably.
150,000 state employees have been made redundant and various state activities closed. State employees have also experienced significant wage cuts.
The virus has wrecked a very fragile economy and now, more than ever, the country needs foreign investment and tax revenues from mining.
They need to approve permits pdq.

Tregantle, it was me who asked, so thank you for the detailed response.
I remain unconvinced that it needs to be a two stage process (although what do I know?) and would like to know why NM has previously said we may go straight to DFS and now appears to have backtracked.

So, they should conduct the aerial survey on the back of a donkey, should they?

TheItalian, I sincerely hope this doesn't turn out like BCN. Am right with you on GGP, though.

Quady, obviously you are correct. That's twice in one day!

Quady, I agree with you.
Whenever a share price doesn't do want punters want i.e rise, certain folk always appear on these boards screaming " mm manipulation!". It's one of the great canards employed by those who haven't a clue.

Quady, you're absolutely right about the share price. At these levels we are incredibly vulnerable and there are no significant milestones out there which will bolster it. It doesn't matter how many times NM lays out the case, the market just isn't that interested.

copper, I was referring to the power of cash. Everyone is eventually susceptible. And if that doesn't work, he'll get a good kicking in a hostile situation.
There's no doubting he's a pugnacious character, but he'd be up against the worlds biggest miner with every resource available at their fingertips.
Anyway, who knows? This debate will rumble on forever.

DBW, good question. I think their role is twofold; build a defence strategy, just in case, and second, put together the platform for negotiations.

Quady, despite my flippant comment the other day, I'm not sure I see BHP going hostile. I think they'll batter NM into submission around the negotiating table. Money counts.

Dodgemeister, spot on.
This debate always happens on these bbs. As soon as a director exercises some options, and particularly if he sells a few, the world goes into a full-on mental breakdown. In my opinion, the cause is that people simply don't understand how they work.

Quady, google isn't particularly helpful on this and although the difference between the two is explained, I cannot understand why a company doesn't simply produce a DFS. In our case, it seems like a chronic waste of money. And I seem to recall that at one stage NM suggested we would go straight to DFS. I wonder what happened to that idea?
Being a simpleton, I don't understand why the mining industry is so different from other sectors. If you want to raise money you produce a business plan, you don't take a draft to a potential lender/investor.

I should add, I've never understood why a company needs both. Why not simply provide the DFS?