Alacran, at the end of the day, will involve yet another big...

Alacran, at the end of the day, will involve yet another big dilution event. The Co may find it easier to source a debt funding component, and the raise may occur on more favourable terms (e.g. involving a cornerstone investor), but it will undoubtedly still involve lots of new shares to be issued, presumably at a steep discount.

I know I talk about CR/dilution a lot. But lets face it, over the past several years CRs have really become the predominant narrative that shapes investor outlook on this company, imo. Every set of assays, every quarterly report, every 'positive' development is viewed through this frame. It taints everything.

Lots of pre-rev companies of a similar size live to hand-to-mouth and rely on constant raises yet don't encounter the same negative sentiment. Why is this? Azure lost control of its narrative at some point. Prior to Rio walking and Teck earning-in, it had a compelling story to tell and CRs were seen as a necessary evil. This stoicism has long since worn off and many investors are deeply disillusioned.