Dillution is what keeps exporation companies operating. In this case the dilution has been exaggerated for a number of reasons, including a suit which may have been unwarranted, but for which the cost of fighting very likely could have been the company's end game. While the settlement was costly, so too has been advancing such outsized claims as in Alaska and Arizona.

Size matters! That's why dilution to date does not concern me. The potential for any one of the claims groups in Alaska or SE Arizona is quite beyond anything I've ever seen in my decades of involved in this sector. So too is the generalized risk, but I am satisfied with the theories advanced here, and the geotechnology advanced to date.

On the surface, then, I agree that dilution looks worrisome, and there will be a lot more coming - no way around that. But this will all be forgotten once the drills start to turn at Hay Mountain, and when lab reports start to flow.

...and getting that deal closed on NPSP will also be quite helpful, and it should legitimize the company too in the eyes of many who are currently suspicious or doubtful.

[Not pumping. Everyone here is already a believer on some level.]

VP