Using the NCIB now is not at all a good use of the $30mil in cash PYR has on hand.

Attempting to buy back shares at this level just to protect the share price floor would be a huge waste of the war chest and I personally would see it as a major red flag.

$30 million in cash might seem like a lot but its only going to be able to buy back about 4 million shares. Even if they did go insane and decide to blow all the 30 mil on the NCIB there are only so many shares per day they can buy and only so many shares in total they can purchase over the year its active.

If they did use it all it would only delay the inevitable. A large institution could have $10 billion dollars to short PYR into the ground if they wanted to. $30 million wont protect the price against anyone who wants it to go down.

$30 million dollars cash can on the other hand go VERY far within the business to grow it. And a 10x growth to earnings in a year for example will speak for itself in the stock price eventually.

The business fundamentals need to justify any number the shares trade at. In my opinion, using even 1 dollar of the cash on hand for the NCIB right now, just to floor the share price, is a short term solution bandaid fix that gives the shareholders zero long term value or protection.

When Peter used it before it was perfectly executed and I believe he knew exactly what he was doing then. He bought shares in the 70 cent range, cancelled them, and then did a raise at 3.60 reissuing new shares which in effect added 2.90 of cash per share to the company war chest and diluted the float by a negligable overall amount.

This is how NCIBs should be used. And I believe he knows that and if we see news that says the NCIB was used to start rebuying that it will be a proxy for good news coming shortly after and another reraise when we hit $20+.