Ann: Notice of Annual General Meeting/Proxy Form, page-9

I feel the same with you here MetalBee. Would much prefer those vast, and ever growing profits to be used for acquisitions, rather than hitting market with capital raises. I know it's a touchy subject with a lot of people, but imagine seeing the SOI increase by 25% (in a year!) so we're trading at 4.6 billion shares. That would be too much.
There's a lot of cash to come in via options conversion, so for me, it's wise to give holders an incentive to convert them. A little divy would be just that. Then the circa $20 Million generated there is close to the capital that would be raised by diluting by about 18% at current MC.