example of company with large issued capital, page-2

That is an excellent post money, my thoughts exactly.

I mentioned this company to others as a comparison to Pen in an offline conversation some time back. Everything you have highlighted about PNA back when it was down to about 7.8c is similar in a way to Pens unfolding story, apart from the obvious different resource. Also things started to quickly change for PNA after they signed long term supply contracts.

So many juniors out there have absolutely no intention of ever becoming a producer, but every now and then you get a special one pop up. Most of the time even when you do see a junior progress to this stage, its more likely to only be controlling a small percentage of the project by that time.
Usually a starup company must have an extraordinary reason for going it alone, hence the constant dilution. But just looking at PNA's progression, clearly the shares on issue is not an issue if there is substance behind it.

Great post,

NK