RE:25% of cardium sale going to share buybacks I think the net debt reduction to $1.128 billion includes the sale of Cardium even though it hasn't actually closed yet. So I don't think anything from the Cardium sale will go to buybacks as it is already included in the debt reduction. Here's the quote from the MD&A:
"Debt & Return of Capital – With Free Funds Flow, combined with the $39.5 million non-core disposals in July 2023 and
$100.2 million Cardium net assets held for sale, net debt was reduced to $1,128.0 million at September 30, 2023"
But at the rate Tamarack is generating free cash flow now that they've completed their major infrastructure projects, I'm sure they will hit the $1.1 billion debt target very soon and $900 million won't be far behind!