I'd disagree...

With 800,000 tons of ore (not "tailings", a sore point with me), there is more than enough available ore to last the life of the lease (15 years) at the present rate of production even if SFMI exercises their right to extend it. That's more "life of resource" than many miners. I think the market is waiting to see what the revenues will be, based on grade and production rate. Nothing much else matters- as I mentioned there's more than enough available ore, and once they move into mining it will only increase reserves- and grades. They will only switch to mined ore if it is better grade than what's available, and according to PQ they will be switching. That says something about the grades they know exist in the mountain. And if they by chance increase the production rate and somehow process all the ore before they start mining (extremely unlikely), they will have made so much money that the market will have reacted long before they process it all.

I do agree that a dividend would smoke out any shorts. I'd love to see a dividend in the form of gold or silver. PQ wants to produce SFMI coins to sell at spot to shareholders- why not make a few extra and use them as dividends?

We know much of the news that is coming, just not the specifics- grades, revenue, production rates, switching to better ore, etc. I also agree that something unexpected, or at least other than what we know will happen, could really affect the share price.