>I am concerned about the huge (over 500,000,000) shares outstanding in this company

If you look at the Macquarie report, the $3.50 target price is based on the current share count. Yes, 500 million shares is a lot for a junior exploration company with no production. If this project works out the way we hope, then Falcon will no longer be a junior exploration company with no production. It would be great if Falcon only had 50 million shares, then Macquaries target price would have been $35.00.