SQM had previously made deals with 2 other spec explorers (that...

SQM had previously made deals with 2 other spec explorers (that appear to be in bad locations with bad geology) and really havent progressed into anything at all (KZR + DTM). This made AZS look a lot less exciting to me. However, after digging deeper, those deals were totally different to this one.
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Those other 2 deals were both earn-in deals for petty amounts of cash. See example below:

"During the first earn-in period, SQM may earn an initial 30 per cent interest in Dorchap by spending $3 million over the next three years."

This is a totally different deal with AZS.

Firstly (the way i've understood it, is) they are not earning any interest in AZS or the lithium project. They are coming onboard as a cornerstone investor via a CR (the same way MIN came onboard GL1 via a CR as a cornerstone). MIN did not earn any interest in GL1. This is different because if they want to maintain their position they will need to participate in future CR's etc.
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Secondly the amount invested in AZS is much larger ($20M)and is to be given now and used now to fast-track exploration under their leadership - this signals confidence. In addition to that, part of the deal is that AZS must sign an offtake deal with SQM. This also signals confidence in the fact they think there is a high chance there will be a discovery made here.