Ann: 100Mt Mineral Resource for Bawdwin, page-35

If the issue was number of soi than all companies with high soi would have to do is stock consolidations. The reason it has such a high soi was because the coy had to raise $35m to exercise of the option over Bawdwin when it only had an MC of $45m and soi of 600m. Nothing to do with cheap raises or gifting shares since current board has been in control. The company's problems have everything to do with fears about sovereign risk. To quote a mining exec "the investor doesn't care where a project is if it is successful and making money"