Yes, but what you haven't mentioned is that the company does not...

Yes, but what you haven't mentioned is that the company does not have to use the ATM & if it does, the company determines the price at which the shares are issued

The use of the ATM is not at DCI's discretion as you say, but at the company's

This is what the announcement said

Under the ATM, QX has full discretion as to whether or not to utilise the ATM, the maximum number of shares
to be issued, the minimum issue price of shares and the timing of each subscription (if any). There are no
requirements for QX to utilise the ATM and QX may terminate the ATM at any time, without cost or penalty. DCI
and the ATM do not place any restrictions at any time on QX raising capital through other methods.

So, if the exploration activities are successful (& obviously we all hope they will be - although I note Goldinvo holds no shares so it wont affect he/she/it/them) the company may be able to set the ATM SP at 10 or 15c (or whatever the SP is after successful results are announced)

In other words, the dilution may not be so bad & the company has a useful standby line of funds

Indeed if the SP increases dramatically, the company may choose to go to the market directly with a SPP or rights issue (which would benefit all SH's) & not use the ATM at all - it's the company's choice

We just have to be patient & read the announcements correctly