AVZ’s Klaus Eckhof addresses the fuss over that North America cash raising, page-13

You can't compare PLS with AVZ. They are at different stages of development.

PLS is sitting in a sweet spot, they don't need the additional funding from Posco for Stage 2 as they will have some cash flow and a running mine. They are in a better bargaining position.

AVZ on the other hand is just starting out trying to prove a resource. They need the cash.

I think you'll find that most explorers will have to raise cash at a discount.