How does this buyback compare to recent repurchase activity in the junior mining sector and what does it signal about management's confidence in the business?

Sector context – Buy‑backs are still a rarity in the junior‑mining universe, where most companies are conserving cash for drilling, permitting and debt service. Over the past six months only a handful of peers have launched NCIBs, and they have been modest – typically 1‑2 % of total shares or <5 % of the public float (e.g., SilverCrest’s 1.8 % and Mako Resources’ 3 % of float). Inter‑Rock’s plan to retire up to 1 million shares – roughly 4.6 % of its total issue and 9.2 % of the float – therefore sits at the high end of what is being seen in the sector and signals a relatively comfortable cash position.

Management confidence – The size of the programme suggests that the board believes the shares are materially undervalued and that the company has excess liquidity (likely from recent royalty cash or a financing round). By targeting nearly 10 % of the tradable float, management is also trying to tighten the share supply, which can provide price support ahead of upcoming drill‑hole releases or the next financing tranche. In a market where many juniors are still raising capital, this repurchase is a bullish vote of confidence in the underlying asset portfolio and the near‑term exploration outlook.

Trading implications – The announcement should create short‑term buying pressure, especially if the stock trades near its 50‑day moving average and remains above recent support (≈ $0.78‑$0.80). Traders could consider initiating a position on pull‑backs to that level, targeting a 8‑12 % upside as the buy‑back absorbs float and any positive drill news arrives. Watch the volume profile for unusually high participation (a sign the NCIB is being executed), and keep an eye on cash‑flow updates; a reversal of the program or a slowdown in execution would be a red flag for the trade.