I think it is a good thing. +2 billion shares on issue was never...

I think it is a good thing. +2 billion shares on issue was never going to help with finance and there are just too many shares out there.
Once completed 100 million odd shares on issue and add another 100 million I think for a capital raise to fund the rest of the building, commissioning, working capital, taking into account inflation.
So that leaves about 200 million shares on issue trading around 5 dollars which will be more attractive to investors than +2 billion at 25 cents.
Whoever plans to finance the project obviously wants some security via a convertible bond or just straight out equity in the company, or go to the current investors for another CR with some finance.
It just goes to show how hard it is to get a RE project up and running and at the end of the day once the project is financed it will still be roughly a 1 billion dollar company, half of which will be in assets, being the plant, with still massive upside to the SP. Maybe in hindsight Lynas should have done a 20 to 1 instead of a 10 to 1.