Ann: Rosario Copper IP Program Start Confirmed, page-9

Should we (this forum) take it that you 3 (i.e. @Tex77 @uranium69 and @Thecontract) have little or nothing better to do than amuse each other??

Do you actually need a broker to tell you this (that junior explorers need cash)? The question is always how much cash?

Now I know which one of you has the least idea (you win that prize @uranium69) but lets see some numbers from you other two.

PAM is like every other junior resource company (whether thats ASX, TSX, AIM or elsewhere) that aspires to define a resource and build a mine - MUST SUFFER MASSIVE DILUTION - its just math. If you start public life by raising say $20M selling 200M shares at $0.10 you bette hope you are hitting success all the way along the journey as its just not enough capital - probably not even enough to get a maiden MRE. And along the way the are all kinds of things that can derail you over which you have not control - primarily the commodity price. That journey to MRE ... if that can be done without getting a blown-out share structure (I only talking just getting to a first or second MRE) then the company is doing well. PAM has gotten to MRE for RKLP without a blown-out capital structure. Lithium is suffering from trough pricing in the cycle. Capital is getting more and more expensive.

But the MRE is just the first step. More capital, much more capital is need - diluting the return available to shareholders - as the required studies (Scoping, PEA, DFS, ...) and permitting processes progress. And so you eventually get to a point where OPM (Other Peoples Money) is needed - and by other people I mean other than the shareholders. Since the business is not a cash flow generating business you can forget about Debt. Government money also comes with tight strings. That really only leaves 1 other source - a (strategic Partner). These guys are not angels offering free money either - they are experienced operators looking for probably high teens return on theit equity. This is where PAM is with RKLP and that course will play out on its own timeline. Either Thailand wants and integrated "Mine-2-EV" supply chain or not. If so, name the source of the ore in Thailand for the lithium needed to get the supply chain started.

Investors understand it’s always a trade-off. It's obvious to me that there are a fair few HC posters with NFI how this works. The choice is pretty simple - either get help (capital and expertise) and let the experienced miners spend the money required on exploration through some form of earn-in (i.e ASSET DILUTION) and you manage the permitting etc ; or give it a go on your own (i.e SHARE EQUITY DILUTION) and take the risks (there are plenty).

Pretty simple right ... Dilute the shares OR dilute the property.

Make you argument as to which form of dilution is better and at what point. There is no free lunch. But FFS don't be these 3 frogs on a log going "Ribbit". PAM strategy is I think fairly clear ... get good asset land package, do the early exploration work, get it to a MRE and then find the right partner to derisk the project so that develop can actually occur. No one in the employ of PAM has any capability to build and operate a mine or a refinery.

If you don't know what you're buying don't buy it. And spare us the platitudes.