What doesn't add up for me is that we knew on March 19th that the BFS would be "mid to late summer" and announced our $10M exploration plan on May 10th with 10k metres of drilling.

Maybe they thought the stock price would be higher and afford less dilution. Probably though they changed their plans after looking at the Arizona properties that they announced on July 9th. That would have changed their whole future plans and funding requirements. It started a whole new ballgame before this one was finished and would have fundamentally changed EE's committment to our current project both in terms of time and funds.