Ann: IGO to Farm In to the Broken Hill Ni-Cu-PGM Project, page-22

@PovertyBoy

if there's been no dilution ofc then you are right

if not then its largely using other people's money - that;s how the flywheel works, founder shares are typically tens even hundreds of millions per 500k invested - so dilution is disproportionate benefit to them. ie they are largely using other people's money to fund the derisking of their own idea and asset retention and development

no objection to the system at all. its reward for the risk and challenge of finding people to back you and the technical competence

just pointing out what you said is mostly not true in nearly all cases

but i agree this is net a good deal - just not great 2nd tranche r/r imo

I am particularly supportive because i think technical skillsets/bodies are increasingly going to stretch explorer budgets in what bodes as a very meaningful hard commodity cycle

just one man's view ofc