john greeve at arc usa, page-8

Agreed pretty much Busting, although in communication with John Greeve sometime back he did mention back then in relation to finance that they do want MYG to be liquid enough that investors can get in & out without too much trouble.

Reading between the lines I'd estimate there will be some extra shares on issue come production. Well actually I seem to recall John's response mentioning it was more about finding the right balance between debt/equity fiance.

I've always based my estimates off around 500 million by the time options etc are converted.

290 million shares currently,
74 million options I think,
= 364 million fully converted.

Extra shares issued to fund the rest of the Gullewa purchase + general getting to production. Whether it's 136 million more I don't know, it depends at what price they can raise these shares & how much cash they actually need.

I believe 500 million is a pretty generous estimate as it could be much lower but I rather over estimate then delude myself into thinking there will be not a fraction more dilution.

Either way if there is 500 million shares with the plan to be producing 100k ounces + in 3-4 years should net somewhere closer to $90 million profit.

90 Million / 500 million is 18 cents per share, higher than our current share price and won't take into account per earnings or exploration values from Iron Ore or Spanish Galleon, Piece of Eight etc.

Very, very rough estimates but it paints a pretty decent picture of what the future could be for MYG.

If I've got this all wrong feel free to correct me, in fact it would be much appreciated lol.