As of the most recent filing, there were less than 150M shares. The present construction is not being funded with shares, but with a loan. I think the loan is repayable in gold at a reduced rate (sort of a hedge). The mill property also is being bought on a loan (seller financing, I think). The milling equipment is owned by SFMI. I'm happy with the way things are going. As soon as revenue starts flowing in (which should be soon), then dilution worries should be over since the revenue should be enough to cover any anticipated costs, including re-opening the mines. There may be shares awarded to employees, or to attract top talent, but that is minor and standard practice.
The one year plus delay caused by initially locating the mill in Melba did result in extra costs and dilution while things were straightened out (<50M up to almost 150M). No one was happy with that, but the present location of the mill on SFMI property close to the mines is much better than on rented property much farther away.