Ann: Hancock enters Mt Bevan iron ore joint venture, page-23

I understand completely why they did it and in the future it might pay big dividends.
Hancock will bring the financing to the table to allow this operation to move ahead and LCY will dilute you guys (more than likely to Hancock) to raise your part of the costs after the PFS.
Right now though as things stand though this is severely overvalued.
I don't hold any of these, but you have companies like FEX, GWR that are trading at a fraction of this MC and they are producing and selling DSO
Hancock is a vulture. They haven't joined because of the resource, they've joined because your management was too awestruck and lazy to look for a better deal. They did the same thing to Atlas.
This isn't advice it is just my opinion but I wish you guys all the best.