I'm not sure I understand. If LBSR works a JV now, not that I think that is possible at all, they may have to give up, say, 90-95 percent of their interest in Hay Mountain to attract a partner. But, if a deal can be worked out following outstanding results from pilot drilling, maybe they would only have to give up around 80 percent interest. However, if the company can come up with additional cash of their own to keep potential partners away (while additional drilling is accomplished), then more value accrues to the shareholders, despite dilution.

Recall that Northern Dynasty sold 50 percent of Pebble after they, NDM, drilled the heck out of it. Anglo then came in to advance the project to production, so the more the discovery company can put into the property, the bigger the piece of pie they get in return.

Now, it is also possible that LBSR may not have serious plans to proceed with such dilution as you are fearing (though they may want the rights to do so), but are preparing JUST IN CASE they have to go that route. This could be a negotiating ploy too, letting others know that LBSR will not get trapped into having no alternatives but to accept whatever offers come along.

Personally I am less worried about dilution and partners than I am about timely, efficient and speedy progress toward proving and building a mine.

And if LBSR has to sell some shares to advance another project or two, so be it.

Funny, I just happened to think of something. Illinios Senator Everett Dirkson, circa 1960-something, said of federal spending, "A billion here and billion there... Pretty soon you are talking some serious money."

That's what I'm looking for eventually, if LBSR survives the next few months - a billion dollar valuation here and billion dollar valuation there over it's stable of properties. In the end it means multiple dollars per share IF WE GET PILOT DRILLING DONE SOON!

VP