The company is not really worth much if the deposit is not...

The company is not really worth much if the deposit is not utilised. So let's assume the deposit gets utilised, and AXO is a player in that. Money is needed. As I see it, there are 3 choices or a combination thereof
1. Equity
2. Debt
3. Cornerstone investor (sugar daddy).

Let's assume, for argument's sake, $1B is needed.

Choice 1 alone requires 4B shares to be issued, assuming a raising price of 25c. Given ~0.2B shares currently, that is a 20x dilution, so adjust your figures accordingly.

Now it is extremely unlikely such a choice would be made.

Choice 2 or 3 only also seems very fanciful.

In reality, a combination of 1 and (2 and/or 3) would be required. The question then becomes how much is made up of 1 (equity). Even $100M (10% of the nominal $1B) at 25c sees the share base triple to 0.6B, and asking 2 or 3 to stump up the remaining $900M is still steep. Maybe $200M-$300M equity will be required?

Now I'm sure the $1B with 10% as equity and 25c raising price I've selected can be debated, and people are free to consider their own numbers. The point as I see it is that the equity base looks very likely to become a lot larger in any deal that eventuates. Yes, the value of the company overall will go up if they get the finance and get a profitable business running, but it will be spread over many more shares.

I hold AXOG only