Nightday summed it up perfectly via your response, re 'Big'. ....IVZ is not a 'Big Company' .. yet.
A tick in SMs approach/management of funds/dilution post discovery imo has been that he's been frugal. As a junior we simply don't have cash available without serious dilution. Lucky for us the drill data from Mk2 in particular was exceptional enough along with the interconnecting data from Mk1 to determine what's 'underfoot' and its ability/likely hood to flow was where it needed to be in order to seek Offtakers farmout partners without further dilution. Smart move.
He could've been like a kid in the candy store and gone the like of 88es and PCLs of the asx. Ultimately he chose restrainment. He's an engineer i believe and had enough savvy O&G exploration real world education via previous roles to understand the data he was seeing from Mk1 & ultimately Mk2 was exceptional enough to avoid additional dilution.
The means to the end is gas to power. The data was exceptional enough it would appear for Farmout partners & Offtakers and there own data rooms to seek deals in quick succession. Likely once PPSA finalised.
This path of clever/frugal management will likely see us a 'Bigger'' company in a shorter time frame than if we were to have chosen the sugar hit path.
The less shares on issue the better! Also, having the Zimbabwean Government as a shareholder via Mutapa fund speaks volumes of the confidence in whats underfoot within the greater basin. All this in leu of a well test. Got to read between the lines is my take.
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