I think dilution has played a role in keeping the share price down simply because people see it as a negative thing, particularly since the company is not yet profitable. I think in the short term the thing that will drive share prices up is identifying significant new resources, at the Barry deposit or perhaps Hewfran or Nelligan, the price of gold, and lowering of costs. Increasing the daily tonnage processed is good but only if this means lowering average costs per ounce of gold.

Once Metanor is able to fund most of its exploration and mine improvement costs from profit rather than share dilution, all will be "golden". It's a bit of a chicken and egg issue and is something that all smaller producers have to overcome. Of course, if they can suddenly announce a multi-million ounce deposit at Barry all hurdles will be soon be gone.