RE:lack of liquidityI'd prefer a dividend over buybacks too (I think a healthy dividend itself would bring much needed attention to the stock) but ultimately I think it's been down to being cautious with finances. For anyone who's been around long enough they'll remember this company was on the brink of liquidating a mine to pay off the debts it owed only a few years ago (hence why the gold hedge poison pill came with the refinancing).
I still believe a dividend is coming soonish, especially since free cash flow should spike this year. The CEO did rightfully point out that dividends should be consistent. So if you're going to start them make sure you can continue issuing them.
The only reason I see MND choosing the ncib is due to the flexibility of how much cash they can deploy. In hindsight it was a good move last year as we had a disasterous quarter which hurt the cash position quite a bit.
Imo they should implement a dividend this year as the net cash position should increase substantially, but if they were aggressively buying stock at these levels I wouldn't mind either as it'll increase EPS. Even warren buffet's company prefers buying back stock over dividends.