You are quite correct, of course, however I was not very clear. What I meant was a 10 percent interest may be worth around ONE PERCENT of the project's potential valuation after some initial drilling.

Certainly after development and proven/sustained production a 10 percent interest may be worth 10 billion, but I don't think we will see such a number anytime soon, even if LBSR hangs on to their full interest, whatever that may be in the end. They may sell it, and carry a royaly interest of, perhaps, 2-2.5 percent of net smelter proceeds.

You see, I expect LBSR to leverage their interest in Hay Mountain to advance other projects where they can maintain 100 percent interest with no prospects for any futher dilution at all ever.

Hey, even 500 million coming soon (say, 1-2 years) will go a very long way toward advancing Walnut Creek, other Tombstone area prospects, Silver Bell, NPSP, and Alaska targets, right?

And, success like this, should it happen, is likely bring at least some offers of JVs from those holding associated claims. This for the expertise and guideance and name recognition LBSR may be able to offer.

...but I may be looking too far forward for now. Just take this as food for thought.

VP