Are you seriously wearing such powerful rose tinted glasses to think that Sayona is just going to magically fund the Capex and exploration budgets from existing funds? I think 30% dilution over the coming 2-3 is a completely reasonable assumption.
After the Moblan acquisition, there remains $36.5M in funds. That also includes only $5M in funds for exploration (which is bugger all), and doesn't include any genuine Capex budget either.
SYA is asset-rich, which is why I like the company. It's going to require a good chunk of cash to get its operations off the ground though. Welcome to the world of pre-revenue resource companies, particularly those who are aggressively expanding their asset base (which I like).
Of course there will be further shares issuances over the coming years, or alternatively, bringing onboard a strategic partner for the Quebec projects in exchange for a stake in the project (which effectively dilutes SYA's interests in the Abitibi Hub, which from a company valuation perspective, has an equivalent effect of diluting the company itself).
For the record, you must have missed PLS' news that they're entered into spod --> hydroxide conversion joint venture with POSCO, for which they'll be supplying ore to that facility (which they will own 30% of). Don't kid yourself that it'd be difficult for PLS to further expand their capacity and capability in that space.
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