Ann: Airborne EM Identifies Extensive Palaeochannels, page-25

IMHO, SOI is one of many factors including cash on hand/debts, sector outlook, that all feed into figuring out the likelihood of future dilution, which should then be priced in to the market cap anyway. Large amount of SOI by itself is just a sign that a company has diluted lots in the past, a red flag to look into why this happened - in the case of uranium stocks that have been around for the past decade, particularly ones that had to look after mothballed projects, high SOI mostly doesn't bother me, because the choices were dilute or sell/liquidate, either way lots of pain for shareholders.

The thing which limits potential future upside isn't that a company has a trillion shares instead of a million, it's the implied risk that it will decide to dilute more after you buy. To illustrate, doing a 10:1 reverse stock split doesn't improve a company's future potential upside, or reduce the likelihood it performs more dilutive cap raises. But from where I'm standing, the decade of diluting shareholders just to survive is mostly over, and predicting whether a company dilutes from here on depends mostly on their financials and on whether the spot price takes 6 months or 3 years to hit $45/lb (example numbers), and not really on their track record of diluting in the past (regardless of whether you judge that by ticker name or management team).

For what it's worth, PDN, BOE, BMN, LOT, VMY, PEN have from 2.7B to 0.9B SOI in descending order. Of course, I do think the potential upside (& risk) of EL8 is much higher than those larger tickers, by nature of being an early stage explorer/developer, and its technology.