Ann: Quarterly Activities and 5B Cashflow Report, page-25

i would never make the assumption there will be no or even small issuance. ive heard that story spun many times and its almost never been true

generally companies looking to bootstrap into production without other significant cashflow sources end up needing to do a combination of equity raise + debt

but i think its irrelevant at current market cap - nothing major in terms of outlays is likely to happen project wise until the stock significantly re-rates - the terms would be too dilutive to controlling shareholders i would think.

even when you sell a large interest of project and/or company to a downstream buyer - boards generally want that to occur at much higher valuation than current - something that starts to approximate the implied value of the project once in production - as the capital raised in itself should make that much more likely to occur

it needs a catalyst to drive a re-rate - then off the back of that the funding issues will start to be addressed

imo the silver exposure will be the catalyst for re-rate - thats why im in. but i could be wrong ofc.

there is potential for a general wave higher in commodity prices more generally - but i think that likely more from any USd weakness than true demand rising big time for industrial commodities

but there's also been a 9 year long drought in new project supply for most industrial commodities - at some point that will bite. just not clear to me it will be any time soon given how soggy global demand will be for the foreseeable future