you are in a tough position with your average cost being so high. I've been there.....
As for upside in the price of TCM it's not a bad idea to look at market cap valuations in TCM's peer group.
Osisko is the first example that comes to mind.
The company is presently trading at $8.68 with 387 million shares outstanding 429 fully dilluted
That's a market cap of 3.376 billion
That same market cap would put TCM at $15 and looking out a year it's very possible considering TCM's earning potential.
If your main concern is share dilution, based on TCM's policies and share structure, I don't think that's a big issue at all.
They say a good portfolio has no more then a 5% weighting in any one security because
there will be winners but unfortunately some loosing positions too.
I do believe this company will be successful given it's sector and earning potential but I wouldn't
take more then a 5% portfolio weighting just in case the market moves against that position.
But most importantly do your Due Dilligence .....