Ann: Investor Presentation - Nova Positioned for Growth, page-106

I did explain it. Bad luck, you did not read my posts regarding the buyback in the US.

In the US, it is allowed to buyback the shares on the market and put it as a Treasury stock, and then re-sell it on the market when the share price has gone up. So the company still obtain the money from selling the Treasury stock.

In Australia, when the company buys back the shares, it must be cancelled and the buyback shares can not be sold back on the market.

Look at the NVA situation.

Buyback by NVA is used the money which had been raised from the issuance of new shares to investors. So buyback money will reduce cash in bank which is orignally allocated for exploration. In the case of NVA buyback, the money is not from FREE CASH FLOWS or surplus cash in the bank.

If the company needs more money for exploration, they need to issue new shares to investors again and pay for the placement fee.