Welcome, Osprey. Nice post.

As to your questions about ongoing dilution- I think any need to dilute to fund operations is gone. It was PQ that said SFMI has plenty of cash, and presumably is producing gold and silver concentrate faster than it is being used as collateral. In other words, SFMI is now "profitable", it's just that right now their "profits" are in the form of gold and silver- which I don't consider a bad thing. Anytime SFMI needs cash, they can borrow against the concentrate they have produced since the last loan. Simlar to a company borrowing against CDs they have in the bank- no need to cash them in- especially if you are adding more CDs faster than you are borrowing! And that's why SFMI showed no revenue last quarter, even though they had used "proceeds from the tailings" to pay the rent. There was no "revenue" since they hadn't sold any concentrate, but borrowed against it. I suspect you are right that we may again see no revenue for this past quarter if they didn't send the concentrate to the smelter, smelt it, and sell some between the SHM and the end of September.

So no more dilution to finance operations. There may be some previous dilution showing up in the next filing, but that should pretty much be it. I think PQ mentioned issuing shares as part of a hiring package as an example of what kind of further "dilution" we might expect, as opposed to using shares to fund getting to production. There may be other minor issuances, such as bonuses, etc., but I doubt there will be any more major dilution. It was also confirmed at the meeting that SFMI still intends to institute a share buyback program, which should happen as soon as the mill is up to target production. Exactly the opposite of dilution, and presumably more than enough to make up for any shares issued as bonuses, etc.