According to Sedar filings, the average weighted number of shares for the 1st Quarter:

2011:  363,059,457
2012:  381,057,518
2023:   525, 107,833
Today:  548,900,000

I'll use 2012 as the base since anyone investing in prior years would have held until the highy anticipated "You won't believe the numbers" Bankable Feasibility Study that should have forced a buyout from Teck if our management didn't buckle.

If the company sold for CAD $1.2 Billion at some point in 2012 the price per share buy out of the company would have been $3.15.  

Today, despite all the other large promising projects and all the de-risking done over a decade and the much higher metal prices, say we get "just" the same CAD $1.2 Biilion for the company.  With the higher share count, price per share:  $2.28

$2.28 / $3.15 = 72.3%:  representing 27.7% dilution.  Not as bad as I had been assuming.