Mike Alkin podcast, page-16

It s a BIG mistake by management to start spending millions on alligator river at this point in time. Even if they find the motherload of U308, it would take many years to clear all the red/green/black tape to get a mining operation approved, if they can even get agreement for a mining operation off the local indigenous elders in this sensitive region and then they would have to get finance and construct and commission so realistically even if all approvals could be attained alligator river would not go into production until 2030, so why the hell spend shareholder money now , raised at low levels now, and diluting the crap out of shareholders? it make no sense. They should have waited for a few years until sp was higher before spending large sums of money they don't have. This was a misstep by VMY management.