I don't see further dilution there.
I see wording that says HX earn an 80% stake in Commonwealth Hill JV, by funding (spending) $1.7 million by Dec 2015 and a further $1.7 million after the first earn-in period.
These are exploration and drilling costs, not further equity investment.
HPX may decide not to pay the second installment and settle for a 51% interest, it would depend on exploration success up to that point in my opinion.
HPX, page-2
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