RE:shares out Hi Montrosity,
To answer your question, I'll give you an example of a stock I bought a couple of years ago called Ivanhoe Mines. I started buying above 2.00. It then went to 1.50, 1.20, sub 1.00, and eventually to the low 0.50s. I sold around 1.20, but then bought back in the mid-70s (it's now $4.20)
When I looked at it's assets, I knew that it was extremely undervalued but I kept scratching my head why no one caught on. The key about investing is to buy stocks that the market doesn't care about (as long as you made the right call), and waiting for the market to wake up.
Trek is one of those stocks that I could see in the $3.00+ range in the next 2-3 years. It needs a catylst (doubling of Aurizona mine, production in Q4 '18, or favourable gold conditions) to get it going.
In terms of dilution, I doubt they're going to increase the share count anymore, unlike what BTO did. Plus, with every merger, TREK rec'd more assets which, IMHO, would negate the "dilution".