That's a bit cynical.I think part of the problem here is that...

That's a bit cynical.

I think part of the problem here is that the company has been clear that:

"at all times it has been entitled to explore without any encumbrances to its rights and tenure pursuant to Philippine Law" (from first half report)

But the market seems to still have doubts as to whether the tenements are in order. I did some digging and you might find this interesting:

http://www.mgb.gov.ph/Files/Permits/Applications/Mar_2013_MPSA_2A_2.pdf

as it shows that San Manuel Mining Corp's mineral production sharing agreement is valid until 1 July 2016. That seems to be pretty clear to me.

As for taking it slow, the company has already described the weather impacts. Have patience.

In terms of doing nothing, the quarterly says they spent $600k on exploration and evaluation last quarter (that does not include the admin/overhead) and that they will be "announcing its maiden resource estimate for the Sabang Prospect at Masapelid in due course" - surely before any further capital raise imho. So not much more to be do in this market but wait and chill, unless you want to accumulate :)

Good luck, as always DYOR