Over 120M diluted sharesSST now has more than 120M fully diluted shares and $25M in debt after its latest deal. If SST gets 3M ounces of silver in 2009 they would make about $27M less $2M in interest or about $25M or about .20 per share with $13 silver. It appears that SST is paying about $50M for each 1M ounces of silver per year it acquires. In order to double its silver stream by the end of 2007 they would need to pay about $150M for this silver. If they issue new shares that would add about 60M additional shares. The recent drop was predictable because of the exercising of the 13M warrants. Some of those new shares were bound to be dumped. Another selloff is likely in early Aigust when over 20M new restricted shares will not be restricted anymore. What SST is doing is interesting. With 6M ounces of silver per year they would have about $54M in pretax cash flow which with 180M shares outstanding would be .30 per share in pretax earnings. I'm not sure what their tax position is and when they would begin paying taxes. I am not bashing SST, but being realistic. Each new deal that doubles the silver stream does not double the value of the stock. You must assess how many new shares are being issued to make the deal and what the overall impact will be on earnings.