I doubt that's a proper representation of what was actually...

I doubt that's a proper representation of what was actually said. They might of said something like the benefit of people not exercising options is less dilution but they wouldn't have said they'd rather they expire. The biggest influence on dilution will be the mix of debt and equity and the SP when they have to raise funds for construction. It's frustrating but that's the nature of these investments. High conviction without blinkers is what I'm convinced is needed to be successful here.