Thanks for your views Jumpy, I don't entirely agree with your assessment.
It all hinges on LMG providing commercial validation through their demo plant. LMG do not need lots of cash to enter into a JV!
There-after, the strategy for LMG can have multiple pathways according to response from the market. They don't need lots of cash to enter into a JV. They can forego some or all royalties/license fees for an ownership stake as a JV partner. There are many examples of these type of arrangements. Further, they can partition the licensing geographically for multiple JV's(or straight out license for royalties) globally according to the countries where they have patent cover.
If the demo plant is successful, the greatest challenge for LMG will be to stave off the wealthy companies looking to take-over. Any large company could do an aggressive take-over with a reasonable offer. I do agree that the current Board is probably not what is required for moving from explorer/developer to producer/refiner. If the technology is commercially proven than they will need Board(and management) members who have experience in production - could be supplied/nominated by the JV partner(s).
Either way, whether it's licensing for royalties, JV's, merger or takeover - shareholders will be beneficiaries of a higher share price(or offer).
If the demo plant does not demonstrate success, then it's back to sub 1c and research/refine the technology provided they have the cash.
Just my thoughts.
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