Dilution is always an issue with listed juniors and not saying...

Dilution is always an issue with listed juniors and not saying it isnt for FBR, however I think there is some nuance here. FBR have developed a technology over the last 10+ years that has an enormous amount of IP and moat around it. That costs money, no way around it. Have they done it perfectly, no chance but they now have what looks to be a commercial product from the tech that they have developed.

It cost circa $200 mill AUS. They have done it over 10 years.
They have the 2nd most patents behind CSIRO
They have signed a JV with a 50 billion US company who will fund it
They can do this in again and again and they own the IP.

How many shares do ICON have on issue after raising $2 billion US or so? who knows, they are private so doesn't matter.

When you compare ICON $2 billion US raised to FBR $200 Aus raised does it really matter the number of shares on issue?

This isn't an ASX exploration company still looking for the drill hit, they have had the drill hit, drilled the crap out of it, got a resource and are now looking to mine.