I say that it is both spec and not funded - not without a...

I say that it is both spec and not funded - not without a massive dilution forthcoming. You say that it is solid, not spec and so therefore, funded, all systems go and no upcoming dilution (shareholder wise or JV sharing wise). So, yes, this is what makes the market but with different appetites, different research commitments, etc. Bit for those investing in the strength of the announcement made there should be no excuses for when the dilution comes. Some invest on fundamentals, others on technicals, some on sentiment, others on momentum and others still on the hype (just like with a ponzu scheme). So, to each, their own.