RE:What to do with the cash?
It is always best to pay off debt before thinking about a dividend. Why pay a dividend when you can increase the SP by a bigger value and in doing so improve the health of the company?
For similar reasons, I do not think it is the time for a share buyback.
If a quality Royalty becomes available, I would endorse that as a good reason to delay paying off some of the debt. After all Royalties are relatively cheap because the payoff is a long time in the future.
So
1. Pay debt
2. Buy Royalty
3. Share buy back
4. Pay dividend.
GLA Sharegar.