As to the dilution comments, this post explains share price, EPS and PE ratios - Post #: 44475779
I go into further detail in this post: Post #: 44418651
At the end of the day, if you get to mining, and yes getting to mining means means more shares on issue, but the extent depends on how equity is raised btw, if you hit your DRF targets in production well SP rises because SP becomes a function of EPS and P/E. Now, how did PLS get to mining, and how many more shares were issued from start of exploration to first day at mining -if PLS hit its targets, and spodumene prices stayed at the US$550 average of its DFS, well I guess its SP would have been a lot higher than today, i.e. I mean PLS was over $1 at one stage despite this so-called dilution.
I also would assume a binding Offtake Agreement with equity - as Offtakes come before financing - will increase the market's view that AVZ will go to mining. I doubt the market's response would be to trash the SP because of potential dilution, IMO, looking at other plays with what happens with binding Offtakes on SP.
All listed miners on the ASX were explorers at one stage who needed to raise capital, i.e. read dilution, to get to mining, but yet SP became a function of profitability, expansions etc etc.
All IMO
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