ADC91. Although the share register is heavily weighted with...

ADC91. Although the share register is heavily weighted with short term holders and the SP being so low, I cannot see a major miner buying LKE "the moment this concept is proven."
I firmly believe that there are sufficient "retail investors" who would stand strongly in the way of any opportunistic hostile takeover offer.
Paradoxically, that '"risk" which exists with the SP being so low, also,presents quite a bit of protection from an offer that would clearly look "un-reasonable", given all the data that is available and which can "reasonably" be extrapolated into a value far beyond one that would come from an opportunist. i.e. A 12 cent offer, on paper, would definitely represent a 200% premium, at current prices, but, although that would "seem" a huge offer, it wouldn't be fooling anyone, let alone the majority required.
The market, at the moment, is not participating in the "evolution" of the concept, for several "logical" reasons, but, I'm sure that many have a "valuation" of the potential worth of this company's assets, should the Lilac process be able to satisfy commercial requirements.
In saying that, management would certainly be concerned about "someone" taking up a surreptitious strategic position in the company and enjoying doing so with seemingly no opposition at these very low prices.
A solid, "friendly" J/V partner would ease many minds and so, certainly, would a higher SP and more support from potential "retail investors" who are just sitting and watching.