The single thing they can do? Aside from securing a...

The single thing they can do? Aside from securing a billion-dollar processing plant for about 6% of its original cost, fast-tracking development, approvals, and saving over $500 million in CAPEX? Mate, you really shouldn't comment on a subject you know so little about.

"If they already got a big resource, why do they need to keep exploring? It is a waste of resources that could be used to start operations."

There's a few reasons @Rotane:

1. Despite what JZ has told you, bigger is better. A larger resource attracts more interest from Tier 1 customers. This is crucial when looking for a JV partner; no one wants to split a small resource.

2. Drilling is not necessarily limited to one ore body. If companies can prove up additional deposits, these can be sold to fund the development of the main ore body. For example, in 2018, Galaxy Resources sold the Sal de Vida North tenements to POSCO for US$280 million, which helped them survive the subsequent downturn.

3. More drilling increases the grade and the measured/indicated portion of the MRE. This enhances resource confidence and delineation, which is essential for securing financing and partnerships, as inferred resources can't be included in a DFS.

4. Conducting exploration drilling with funds raised through the FTF scheme is not "a waste of resources that could be used to start operations". The reason is because the FTF scheme is explicitly for exploration, and can't be used for other purposes such as project studies, development, working capital, etc. If the funds aren't used for exploration, they have to be returned.

5. Why not? The FTF scheme won't necessarily be around for ever, and there are already some suggestions that it may be scaled back or removed soon. If you can raise money at a premium and minimise dilution for something you'd be doing in the future anyway, then you'd be a fool not to reap the rewards of the scheme and keep your SOI low, enhancing future EPS. Use it or lose it as they say.

For some final context, PLS were still drilling out their resource last year, despite having one of the world's largest ore bodies at the time (>300Mt). You don't stop when the ore body is open in multiple directions, particularly in Canada where there's a highly advantageous funding scheme available that allows you to continue drilling with funds raised at a premium.