Toronto exchange rules limit buybacks...
Just doing some research, they are only allowed to repurchase up to 5% of the outstanding shares and no more than 2% per month of the public float which works out to about 69,000 shares a day for 3 months.
Better than nothing which is what they are fond of doing... but probably not going to really move the PPS much...
"Normal Course Issuer Bid on Stock Exchange: Section 93(3)(e) of the Ontario Securities Act allows an issuer to make an issuer bid through the facilities of a recognized stock exchange. Under the current rules3 of the Toronto Stock Exchange ("TSX"), an issuer can purchase up to the greater of 5% of its outstanding shares or 10% of its public float (outstanding shares excluding shares held by insiders) in a 12-month period, but not more than 2% of the shares in any 30-day period."