GB, you really have to pay attention and read as well as write. They are using the stockpiled gold as collateral while they negotiate a smelter contract. They have plenty of cash (PQ quote). There is no more need to issue shares to finance operations or expansion. According to PQ, the only reason they would issue more shares is for instance as a signing bonus for someone they really wanted to hire. And that would be minimal. They in fact are still planning on a share buyback program.