Ann: Exceptional Lithium Drill Intersections from Andover, page-613

My simple (and probably warped) view of the whole topic of 'dilution' is to focus instead on the SOI and free cash flow as a comparison to our peers (MIN/PLS/LTR) in the lead up to production knowing that in the years ahead AZS' SOI will increase from what it is today. In my mind, it's not a relevant issue how many shares SQM or Creasy end up with owning AZS. Their one share will receive the same dividend as my one share.

Take LTR, if we round the figures, their SOI is 2 billion and the (expected) free cash flow will be $2b. A holder who bought 30,000 shares at $3 (loss of $5,100) will be better off than a holder who bought 10,000 shares at $0.10 (profit $27,300) because the (expected) dividends are going to be huge.

If AZS' SOI and free cash flow figures compare poorly with our peers when we are nearing production then, and only then, can we say "we woz robbed".

All in my (warped) opinion.