RE:RE:RE:RE:RE:RE:Reducing share count is a top priority1. Every quarter that passes with FCF<0 means that share price will fall, no matter what the share count is. There is currently NO potential for a return to shareholders via buyback.
2. TV carries debt and doesn't have the cash flow at these zinc prices to service it. That means assets must be depleted or diluted. Share buybacks deplete the cash asset. Doubling down on asset depletion while having a negative operating margin is a ludicrous thing to do.
3. Sometime in future a buyback might make some sense. Now is not that time.
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maldwyn wrote: Psychology is exactly th ereason there should not be a reverse split. Investors have become used to valueing this stock at near-zero rather than on any clear per share metrics, and this won't change until it i s clearly making money. Post consolidation it would resume it's drift towards zero absent some earnings to generate a P/E.