On the subject of dilution, it's worth talking about the...

On the subject of dilution, it's worth talking about the potential debt/equity split to fund the mine.

We're talking about a billion dollars in funding needed and if 40% of that is equity (as an example) that's 400m. Which at today's SP would be absolutely brutal.

The good news is management also owns shares and just like us, they would want to make money. So it's in their incentive to prevent this happening, but it's a very concerning thing to think about that level of dilution simply due to the scale of this project.

Hopefully if such a CR did occur, it would be after significant news that would restore the SP to levels where such a SP would not bleed LT holders dry. Would love to hear other people's thoughts on this scenario and how it might pan out (obvious variables such as potential prepayment or NAIF funding coming and saving the day by reducing the amount of equity needed).

Still positive about this as the EV revolution has the potential to set a massive tail wind behind us in our favour.