TNG’s vanadium project gets a lifeline from German bank, page-27

The only way to avoid the dilution you fear,is if a significant portion of the equity component was raised at project level,which I would consider a low probability event,as that type of deal would likely only come from an offtake partner,if they were desperately looking to secure supply and I don't see it. Absent that type of deal,anything under 2.5B shares on issue at production would be a good(almost miraculous) result for TNG.