I think what Woody is asking is, where is the funding coming...

I think what Woody is asking is, where is the funding coming from to accomplish all that? Yes, the junior explorer in question has done very well in the Lithium boom but as Woody has pointed out, they are still 4 years+ away from meaningful production. So, how to fund? 2 options; 1 being further dilution to an already bloated registry or 2 debt finance. Debt finance would spell the end of the project as the explorer is not cash flow positive so I dont see this as a viable option.

Their only hope is to secure a JV, but any third party knows they've got them by the short and curlys as this is their only choice and that they would jump at any offer.
Also, MOUs and offtakes mean precisely jack without the means to produce the asset or at the very least a means of funding the project into production.

As I said, they've done very well in the boom and I'd take the multi-bag win any day, I wouldn't, however, want to be left holding the bag.

Cheers

All IMO, DYOR