I don't think Jazz is being a fool. For $25m MC - TMT can't...

I don't think Jazz is being a fool. For $25m MC - TMT can't expect to raise the levels of capital required.
Perhaps signing offtake agreements with loans / pre-payments like TAW / PLS did will be the path forward? or giving away 50% like KDR did with SQM. If they give away half - what would someone pay for that? 35M? $50m? Still nothing compared to the capital required and further raising would be required.

TMT need to get their market cap up to $100M+ IMO before any major dilutionary event.

A good example would be AUZ. floundering around similar MC in October 2017 before 5 - 7 bagging. Now they can raise funds.

At some point TMT has got to fly to fairly value this 120m tonne high grade V resource with an $800m NPV