RE: Cash"I'm not worried about more fund raising, especially if they are able to complete a 43-101 that shows the expected increase in gold. Share dilution is bothersome but has limited impact when considered against the potential value of the company. The important ingredient is the gold, not a limited percentage increase in the number of shares."
Well,
It would be pragmattic to at least be a little concerned about having less than 4 months of operating margin in cash. Especially given the variability in quarterly earnings exhibited by this company. In fact I remember having exactly this discussion a few months ago with Highseas and K9Club - both of whom thought the company had enough cash on hand. Only to see NGG raise 3MM emergency funding that diluted future earnings by 10%.
The number of fully diluted shares is critical to the reasonable upper bound of a company's share price. Whether you use PEG, EPS, Cash flow multiple or whatever, the more shares that exist, the less each share is worth. Fact.