on the whole I agree with you, I think dilution is a problem, I...

on the whole I agree with you, I think dilution is a problem, I think large scale debt financing is the reality, and with interest rate trajectories increasing dramatically, along with potential financiers holding on to the purse strings more tightly - there is still risk.

I don’t think a takeover is imminent, however if management hits some serious issues along the way not impossible, but very low risk, and I think the bod have sufficient sense to plan their cap raising around budgeted expenditure.

I don’t think an equity stake for dailem on handover is as likely as an equity stake now. With such a low market cap they can pick up a 20% stake for cents on the dollar versus relative value on handover of the plant.

There’s a lot of work ahead of them, and next 6-12 months will really make or break the company from a current SH perspective, stage 2 may almost be a certainty, but as you say at risk of major dilution if they can’t hit their near term promises of binding offtake, financing, FEED, Final BFS, FID. missing promised timelines in these will lower SP and result in greater dilution through raising and the future value for current SHs is eroded.

EOFY is fast approaching, let’s hope something comes out soon.