Ann: Acquisition of the Mulpun ISG Project in Chile, page-58

You may be agreeing IW but only as you think this is a negative. Looking at the big picture I see this as a positive. Definitely they appear to be spread too thinly on the ground now that they are looking at procuring more ISG projects. The piecemeal approach to raising capital would point to an expected windfall so once BFS is in a strategic partner for the LCUP may just be revealed.

How are we not to know this option has been on the table all along. Its not at all unusual to prove up a project then sell all or part of it off to facilitate focus on areas where you have a competitive advantage. Lets face it, anyone with the capital can build a urea plant, but not at the source of cheap guaranteed 'carbon neutral' feedstock. For this they would have to pay.

As to the future, to the electricity generation i mentioned above we could add providing carbon neutral / low carbon feedstock for third party hydrogen / ammonia / urea producers wherever they can secure an ISG resource. The ability to turn coalfields into green energy would have been considered fanciful only a few years ago - do LCK think they have a competitive advantage here?

As others keep saying - interesting times ahead. A detailed and unbiased viewing of JP's interview may help gain some insight.