what this means, page-9

Gotcha. So you are assuming zero dilution and some sort of continuous discovery from here. I agree they will continue to expand the resource and that calories will be more valuable in the future but I suspect there will be large dilution as equity is used to to fund say 20% of the development. At current market cap. That will be significant but no bank will lend 100% to this project. It is why Soul pats is so important. Without them I didn't think the project had a chance but now I reckon it might.

Haven't bought yet but I watch and wait.