Yes, dilution is extremely high. Number of shares and options...

Yes, dilution is extremely high.
Number of shares and options have nearly doubled from a year ago, from 2 billion shares to 3.6 billion. Options increased from 1.3 billion to 2.3 billion.
How many more shares and options before the project makes $1?
I remember all the GMC cheer squad stating that there would be no more need for capital raising.
One year ago GMC owned 100% of the project and now owns 75% and another 25% given away today.So not only are GMC shareholders diluted the share they own has diminished too.
Some companies are smart and use bank finance for projects and don't dilute their shareholders.
Some companies don't give two hoots about their shareholders and dilute the hell out of them. Then they combine the dilution with a consolidation effectively wiping all value away. Needless to say the CEO will then just issue themselves another 100 million shares for doing a good job on top of their $500,000 salary.
Take a look at IOR ( previously NSL) if you want to watch a disaster unfold. Every shareholder has lost money.