Nothing in your post is new or unknown.

The delays in getting to production were unfortunate, and something I wish had been avoided. The delays also resulted in much of the dilution we see, but still the dilution is much less than is seen in other stocks in the process of getting to production. Yes, there have been mistakes, but as far as I can tell they are mostly behind them and irrelevant. It's actually better to have the mill where it is, on property owned by SFMI and close to the mines. And I'm always amazed that they got to production since all the bashers (not callling you one, of course) are always harping on how they don't have the proper people around. Someone designed and built that mill and got it to production and is producing tons of concentrate. Why even bother to mention a bad hire from years ago when PQ has obviously learned his lesson? And if there were delays, that makes getting to production this quickly even more impressive.

Your number of shares (400M) seems to be off. The latest in the filing was 263M. I calculated the amount that could be issued for convertible debt (I don't remember the exact number), and it was no where near another 140M. And where do you see 140M shares in options? The share buyback program will more than make up for any potential conversions or exercising of options. The amount of debt is so negligible to get to production that I'm surprised you would even mention it, especially considering it is less than the amount of assets (even though one asset, the concentrate, is severely undervalued at the "cost to produce").

As I've said before, I don't care if PQ gets rich as long as he brings us all along. The numbers you mention ($31k, $17k, etc.) are negligible.

If you've been following the board, you know that the royalties to GHDC can be bypassed using quitclaims through the Sinker. There would then still be the 15% to New Vision/Bissell, but any investor who did his DD knew that before he invested. But not necessarily any double dip, as you misleadingly imply. And doing DD also means running the numbers that show that SFMI will be extremely profitable no matter what. If you call the amounts that SFMI will be keeping "crumbs", then by all means let us know what other company will be generating whole loaves, or even slices in comparison to SFMI. What other $50M company has over a billion dollars worth of what other companies would call "bonanza grade" ore ready to be processed at $50/t? And billions more waiting to be mined at less than $200/t? Or, if you think GHDC will be the one raking in all the cash, just invest in them instead. Buying shares of both to make sure you get a complete cut is still exceedingly cheap- less than 30 cents for both. Including share buybacks as somehow some kind of "negative" to investors is ridiculous since it will result directly in either cash or more valuable shares to them depending on whether those investors choose to cash out or hold.

So, in summary, everything you have brought up is either old and irrelevant or current and well known and not significant enough to make SFMI anything less than an exceedingly good looking investment. The negatives you brought up barely worked when SFMI was still struggling to get to production, and now that SFMI is in production they just seem silly.

The arrangements with GHDC and New Vision/Bissell have always been known. If you don't like it don't invest. It's that simple.