You are correct all a speculation and hopefully we can all arrive at a better projection through discussion and analysis. I have doubts that an operating mill will require less of a bond than one that is not operating, but certainly I do not know enough about this particular case and Colorado requirements tomake a definitive judgement.
As far as funds raised last few months based on increased outstanding shares , all I would have to go by is that (a) several people posted that company having a DTC chill is issuing shares for expenses (b) it appears that arrangement with converible note investors indicates there may have been room for another $200,000+ in convertible notes. So this shows they may have had some room to raise cash ( otherwise new convertible note swould requie an 8k filing) though I doubt was $500,000.
My projection of 150 to 200 million shares outstanding based on (a) prior use of convertible arrangements eventually resulting in more shares especially as price drops (b) minimum cash needed will be more in a year they are planning to re-open the mill than in a year the mill wasnt as close to re-opening.(c) based on their 10k disclosure re forecast cash requirements , which I didnt see where there disclosed working capital for mill.
As far as strategy issue more shares now at lower price I see this more as necessity than a strategy. All financing will be dependent onshare price and the more shares outstanding makes it more difficult to raise funds in the future. Just my opinion.
Next 10q should be interesting how much cash raised vs increased shares issued.