sinbob,

SFMI is what might be called a "tired" listing. It's been around for a while, the potential has always been known- the only problem is that it has taken longer than expected for things to come together. Check the boards from a year ago- everyone was excited about the imminent listing, mill commissioning, and start of revenues. I think some investors holding for that simply ran out of patience, figuring their money could be put to better use elsewhere in the meantime (especially if they are traders). Other potential investors watching the stock waiting to jump in when production began are still watching- maybe. And if they check back once in a while they would see we are still in the same status- waiting for the listing, mill commissioning, and revenues- despite all the progress that has been made. Progress however, has come in a two steps forward, one step back fashion- sometimes three steps back, as was the case with the mill in Melba. Lots of money and time wasted, though at the time it seemed like a good decision to put the mill there, even if only as a temporary way to start bringing in revenues to fund everything else. Instead, it cost us quite a bit, especially in terms of dilution. Many of our potential investors have ended up elsewhere. This is not a bash, simply a statement of the situation.

Excellent progress has been made- acquisition of the Sinker Tunnel, the new mill site, and the new mill building, filing for the OCTBB listing, acquiring equipment (including the new rod mill to double output), preparation of the mill site, etc. But none of this changes the basic situation, especially for potential investors- we're still waiting for the listing, mill commissioning, and revenues. I think these three things are what new investors are waiting for, especially the start of revenues. Once revenues are announced, I think the effect on the share price will be what we've all been waiting for. At that point, none of what's happened will matter. Management has accomplished everything while incurring relatively little debt for a startup miner. The revenues expected from the ore piles alone will dwarf the startup costs, and this company should be a debt-free cash cow in short order.

spiny