Tim I feel that you are to heavy on the negative side because of what the stock price has done. So you look at reasons within the company to justify the lack of movement in the SP. You don't realize that the company could have exceeded all expectations yet with the manipulation in the past 12 months in mining companies it wouldn't have mattered.
I am SHOCKED to hear that you feel they will possibly dilute the stock. I know you base this on the power issue (which I think you are over blowing) and also the new equipment you mentioned needed for 2013.
With over $40 million in the bank plus profits accelerating from here, I think even if their is a (worse case) need for cash as you suspect that we will have sufficient ability to cover it without any dilution.