Ann: Delta Blues EM Survey Delineates Drill Targets, page-12

169 mill shares on issue at the moment is bugger all. If GAL had 3/4 - 1bill shares on issue then perhaps I’d understand some concerns about share dilution. Understandable that there’s some angst especially if you bought in the ~40s. Unfortunately they haven’t delivered as yet, but they are having a go when they’ve derisked their targets sufficiently. I see GAL as a textbook greenfields exploration company - limited shares, decent funds, decent acreage, targeted drilling programs with limited spending. 1 in approx 5000 greenfields projects ever reach the production stage, so if your appetite for risk is low perhaps BHP should be your stock of choice.