Rising Like a Rocket, page-92

oz. We can agree to differ. That differential can often depend on what stock we are in at the time and I try very hard not to let what I hold dictate rational judgement. It's human nature that if we are in one stock more than another we will try to justify that in our own mind.
I put AJM at around 35-40% of PLS right now and based on right now. The end percentage will depend on a number of things including off-take agreements, finance, dilution, mine size, speed to mine, shareholder entitlement etc.

I'm not sure why you would think Lionergy would finance all, I never did. I expect that management would not like that outcome either as it would give Lionergy far too big a stake.
Management hold a lot stock and would not want that diluted too much. Nor would I.

I expect they will take a reasonable stake. The balance could be in a placement to sophs, existing holders, bank loans or whatever. It is not a big issue to me. The fact AJM are happy with 6 months I would suggest is because they already know what they will be doing rather than Lionergy insisting on it. That is a confidence statement imo not a negative.

Yes, PLS grabbed 100M at 0.38c when they are now 70c. That is the kind of dilution I do not want to see. CR's should be done in a position of power, after drill results, after DFS etc. AJM could raise 40M quite easily imo through existing holders and sophs so I do not see the urgency you see with 6M in the bank in the June quarter. Your emphasis on cash being tight is way over the top to me. They could probably raise 10M tomorrow and in a heart beat if they wanted to so i fail to see it as a pressing issue. I'd rather be patient and get further down the road. Then when a CR is done and finance shored up it will be a huge boost as we go towards construction.

Personally I think you put far too much emphasis on the LOM and resource size. You also on the one hand say what amazing demand lithium will be in the coming years and yet suggest that somehow finance is a huge obstacle. I expect AJM will add to their resource as well but I put very little addition value in it unless they go to a 2mt mine.

I'm not as gung ho on demand as you but I think financing a mine of around 2mT in this market will be quite straight forward. It's not IO after all and most real investors know that supply will be tight.

Right now this company reeks of confidence. They know exactly where they are going and how they will achieve it imo.