Ann: LMG awards pre-feasibility study for 100,000 tpa plant, page-60

There is no 1,000 tpa + 10,000 tpa...it is 1,000 tpa followed by 9 other 1,000 t.p.a units.
JV require "joint" contributions. How much cash will LMG have and where do/did they get it? Only from existing SH, new Shareholders and royalty.
There is no need to imagine there is a plethora of information. There doesn't have to be.
These are all simple commercial imperatives that are part of any deal.
Buy out of LMG makes sense if the T/O entity is of the type that wants to build and own the subsequent revenue stream,..you know..someone like Bechtel.
"LMG have well detailed this scaled expansion and their strategies. Scope for Germany, South East Asia" was in fact LMG's demonstration of the locations and by inference the possible demand. There was no hint that LMG would be "doing" anything themselves. As per current plant they farm everything out. They were technology developers now Project developers without money. That is where Bechtel picks up two batons, the funds and delivery i.e. the total of design, construction and commissoning.

All those revenue projections LMG produced had an implication that this is what LMG would get. Its not. To be accurate it is In fact what the project owner gets, which may or may not be LMG. My assessment, mostly not.

I see LMG will make some coin locally, and live off royalties. Just be clear - LMG will not have any direct involvement in major overseas projects other than selling the idea of their tech - LMG will never have enough money to do anything else at the scale people imagine, perhaps a few thousand t.p.a level and certainly not the current leadership who in a few years will be glad to just bounce grand kids on their knee. Nothing disrespectful about that comment - its reality, in a few years none will be there replaced by a whole new crew.

When I bought in in January (and many, many years before that) I was left the impression that LMG would be a one stop shop based on their reports and projections. They won't in my view and that's what's changed.