I also find this fact remarkable. On the other hand, maybe doing nothing for a few quarters will actually make URRE outperform the other uranium miners and explorers on a share price basis. Because as far as I see it, as long as URRE keeps doing equity financing at these levels, shareholders will be crushed. Maybe if they wait for a year sitting on their thumb, the NPV of their projects will increases due to a rising uranium price which would be reflected in the share price making the dilution effect less severe.
So in a way, although I wouldnt mind seeing URRE dilute and advance (since I dont own URRE), I understand that their strategy to reduce downside risk to shareholders can pay off for shareholders, but the company will be behind when the market turns so in a way it is taking long term pain for short term gain. Hope that helps.