A share buyback only makes sense if SLR BOD is very confident of...

A share buyback only makes sense if SLR BOD is very confident of the underlying health of the company, and are concerned about the undervaluation of SLR as reflected by its SP, which would disadvantage SLR shareholders in corporate manoeuvres. Ideally, a companies shares are the cheapest form of currency for M&A activity - see how NST paid off WGX for its bargain-basement purchase of the SKO.
If these conditions exist, and SLR announced a significant buyback, it would be announcing to the market emphatically that SLR SP is 'bargain-basement' and that 'something may be going on'.
If these conditions are not there, then as Pez points out, like a dividend, a SBB is 'window dressing' and would merely weaken financial health & reputation with institutions, as it would not add to productivity & profitability and reduce reserves. Don't expect this BOD to emerge from hibernation unless it's in their interests. Meanwhile the good ship " Lifestyle Mining " drifts onward.
Remember Les sold his shares last year at 60c, and has not repurchased since because? ..... and other than a token one-off share purchase last year by Cool Hand, there's been no BOD share purchase activity for years. Actions speak louder than words and this BOD doesn't bother with words either.
So, no SBB will happen, nor dividends for years, so whats going to drive the SP appreciation.
NO - not the gold price, but an expanded MC in a bigger, stronger, better resourced company that can only be obtained by M&A.