The assumption that new shares will need to be issued to fund this mine completely ignores the business model and intent of TNX/TRX and management. Funding ongoing operations from within, like Homestake Mining did, the money needed is all in the ground we are standing on.

Simple math suggests that 280MM\ $1700 per oz (rising)= 164705 oz Less than two years of stated production goals.

Stamico will undoubtedly endorse this plan with incentive to speed the approval of additional mining licenses for the gravels/tailings immediately adjacent, or on other properties already applied for. Actually, that's already happened, hasn't it?

For the tailings, TNX would need prove a CIL extraction process acceptable to environmental concerns. This would serve to strengthen the proof of our commitment to acceptable practice, and strengthen our position as a trustworth partner in the developement of Tanzania as a whole.

In any case, a forthcoming license for any of the gravels would blast speculation of further dilution to the place it deserves as quickly as turning on a light.

I note there is still no comment regarding the shear tonnage of nickel to be paid out on. That's a train that can't be stopped.