Simplified math:

If the company starts with 200M shares, 800Koz reserves, and 2Moz resources, and issues 50M shares in one or more transactions to continue drilling, it must equal or exceed 1Moz reserves and 2.5Moz resources as a result in order to be accretive. Otherwise, it's dilutive.

If it exceeds the numbers, the shareholders own more gold in the ground. A good thing.

There is the subtlety also that what really matters is reserves, and if ore continuity can be demonstrated via the drilling, more of the resources will be upgraded to reserves. So realistically we should be happy in that improvised case I laid out if reserves >1Moz, period.

FWIW, at 811Koz reserves and 257M shares fully diluted, every thousand shares of TDC represents 3.15 proven and probable ounces. Remember, this is before any increase in reserves due to the current drill program. Which compels me to use that word again - absurd.

Strike