That is a good question and there are solutions which do not...

That is a good question and there are solutions which do not lead to 400% or more dilution. Here comes one possible solution:

QPM will not be funding the project by issuing more shares on the market. That would be extremely dilutive to current shareholders (as already described by others). Instead, investors (for example GM) will invest their equity into the project directly. The result is a joint venture between QPM and - for example - GM. If we assume 60% depts and 40% equity the dilution will "only" be 40% (= we will own 60% and GM 40%).

The AFS, which was dropped yesterday, showed that this project is viable. If our products are urgently needed in the 2nd half of this decade and if ESG really matters then this project will be funded. It won't be easy, it won't happen very soon but I am confident it will. Otherwise I would have already sold. I did the opposite yesterday.

My opinion only. DYOR.