Ann: Trading Halt, page-134

Since this company is about to produce and start make actual earnings, I suggest it does matter. The more shares issued, the more dilution for existing holders in Earnings Per Share. Once you’re making earnings, EPS is a key metric to determine valuation.

One could argue that current dilution was somewhat unavoidable - they had to raise the money to acquire NAL, then again to get NAL into production, but from hereon any further dilution is just going to reduce EPS and put a cap on further capital returns.

People can compare it to Apple all they like, but the constant dilution will keep serious money away. In February 2021 they had 3.7B shares outstanding according to ASX filings. Two years later, they’re at 8.7B. I know why it happened, but it’s still pretty wild.