Ann: Goulamina on Schedule Post Discussions with Mali Government, page-289

In regards to selling project-based assets equity directly to Ganfeng instead of equity to LLL, could someone help me understand if my line of thinking is correct? LLL is exploring a joint venture to focus on opportunities in other locations, such as Australia. Assuming that this venture is successful and adds value to LLL, wouldn’t this result in less dilution of “future value” outside of Mali? Ganfeng’s extra 5% equity is solely for the Mali project, as opposed to an extra 10% dilution on all of LLL.