Other than smallish sales of stock to keep the lights on, I think we will have large dilution events coming in two stages.

1) After we have a partner for Hay Mountain (or a nearby property), we will have a consequential run up in the PPS. That will allow the company the opportunity to begin work on some other project. Shares, then, will have to be sold to finance this additional work, but that will also take the company to the limits of currently authorized outstanding shares.

2) Advances in this new work, along with progress in/from the JV, will support even higher share prices than experienced following #1 above. To continue this second project - and perhaps without a partner here or ever on any other company property -, further capital will be required, meaning shareholders will be asked to amend the allowable share issuance.

If I am correct, no one should be complaining, because share prices will continue rising during this period.

This may also mean that 2-3 years from the start of drilling in Arizona, the company may be deeply into 3, or 4, or 5 projects. During this time it could be selling, or will have sold it's interest in Hay Mountain, meaning that LBSR in its present form - forgetting spin offs for the moment - will be not only debt free, but cash rich and self financing long into the future. [Just think of getting into another Hay Mountain without needing a partner.]

By the way, I don't think finding a partner for North Pipes Super Project will do much, if anything, for the share price in the near term, as it will likely include only one pipe out of a few hundred targets. Having said that, higher uranium prices could help drive speculation in this area, but that remains to be seen.

Now, where is that partner for the first part of the Tombstone Super Project?

VP in AZ