To your point, I guess whether it is dilution or not will depend...

To your point, I guess whether it is dilution or not will depend on how well MC is sustained moving out of this period and into the development financing. Perhaps more so, if the capital required to develop the additional 15% is sourced from further equity, or finance in extremis to DFS discount factor then definitely dilution.

More to your point, the more value that is tacked into the BFS on top of DFS assumptions, the better this CR will be for existing SHer's. Which is why this is such an important CR for AVZ. this company has been on the hook for 100% financing with only 60% NPV benefit. It is a little bit of a shame that the CR happened at 13c, but still a win, and just as important to answer the question re: where the additional 15% would come from.

To my point; publicly traded development projects go through several phases of significant capital raising. Each of these phases effectively mark the endpoint of one investment thesis for those invested at the prior raise and the start of a new capital structure. If SP hasn't appreciated materially, between CR's then the investment thesis has failed. Some wiggle room for the development financing timeline has been generated with this raise and depending on what speculators are thinking that the new NPV will be in the BFS, will mark whether the capital dilution will be offset by the maturation of equity as the project develops and the EV market picks up.

Suppose that's just a long way of disagreeing on the semantics. Yes, diluted, though addition iron's in the fire. More importantly, provided AVZ the opportunity to meet MC requirements in debt financing claimed from a Bankable level FS.