Good thoughts.

Let me add my guess that the company will not dilute beyond 1.4 billion shares, or so, and that 2-3 years following the start of drilling at Hay Mountain, LBSR will have little more than a royalty interest in that project. By that time, however, I think they could be self financing and with 100 percent interest in 2, or 3, or more projects that will be entering and/or advancing their own drilling programs.

Take note of the fact that the company may have other Hay Mountain-like targets in Southern Arizona, and may not need partners for these, or smallers ones like Walnut Creek, or Silver Bell.