"From 2018 to 2020, the shares on issues almost doubled. If we...

"From 2018 to 2020, the shares on issues almost doubled. If we have to wait another 2-4 years.. How many more shares to be issued??? That is the biggest downside and one of the risk that not many mention about??"

Yes, but as a new investor you don't care too much about how many shares a company issued in the past.
However, you look at the options & convertible notes that impact the current valuation.

But a junior miner always has to find a balance between raising money at the right time (when share price is high - to get more money 'in' for few shares 'out') and not to issue too many shares to keep dilution for existing holders low.

In the case of BSM, unfortunately, the venture didn't work out in their first attempt. They were forced to issue new shares multiple times not at highs but on lows. This was of course devastating for investors.

But once again, as a new investor boarding the ship today you just look at the valuation today. And you look at the cash they have on the bank and the timeline to get funding/cashflow. Bass Metals will need more money next year and eventually financing - but that's part of the game for every junior. BSM is basically once again a junior miner - but with the experience of 'producing' real graphite already with current mine, current team and existing customers. The data they have gained should help them a lot.

If I were Bass I would maybe just clean up the mess with having so many shares out there. It's a bit of a turnoff for many investors... but it doesn't impact your future potential profits.