dutch...Some of your points are worth noting , but IMO not quite accurate. The Butte permit process that is underway(focused on the hydrology and HRP), is something management has to adjust to as developments arise. That said, Ron Guill was very clear in his updated comments. It appears to me he intends to support Timberline any way he can. We still need to learn all the details of the 100% ownership/acquisition, but IMO, like in any business, things happen in the day to day operations that dictate certain decisions.
I think your point about financing goes hand in hand with my above opinion about future timelines, progress will dictate when and how mangement will adjust to developments. I agree with you time is a red flag, but only in terms of not knowing what the MDoEQ will do. Timberline and Ron Guill(not to single him out), appear to be doing what is best for shareholders under the circumstaces. If that bothers you(the ball being in the MDoEQ court), you should have waited for the HRP to be approved first! I don't think you'll be sorry for finding Timberline before the HRP approval, once the Butte project gets the green light, South Eureka assets start to look much stronger. Keep in mind Timberline is debt free, so financing(if/when needed), won't be a problem.
We all have to watch developments here, they are sure to continue and things are getting very interesting!
This is one to simply put away as no control of the permitting process and stock most likely will stay the same until permitting is granted. I might want to add but will do so when permitting is finally here as have been waiting a long time and mining is not an easy business. I do suspect they can finance it when they get the SEC numbers out of Butte and when the permitting process if done. At that point of course a different game but we aren't there yet.
dutch...You're not alone, it's been frustrating for even the strongest of shareholders, trust me I know, but these unforseen delays are to be blamed, not anything else. Who wants to try and guess the timing of the HRP approval and when the market finally sees this undervalued company with this many claims/assets? I don't think you have made a mistake being here early, the shareprice could leap on approval and then you would have found yourself scratching your head and telling yourself, I knew it, this company has real potential, near term and long.
This sector is dependent on many factors, the list is enormous, but like many opportunities, it pays to be early..."Time Will Tell"!
IMHO there is going to come a time here when the market gives Timberline a much higher valuation mutiples of where it is now, at least you know that you have your position before it happens, Good Luck!