"...delution of stock is one thingBUT what percentage of HM will it take..."

Maybe I misunderstand, but in most cases, an exploration company that makes a discovery is long out of the picture by the time the discovery property goes into production. If the project or company is not sold almost immediately, fractional interests will have been paceled out over time such that little is left by the time production begins.

What I see here as the best case scenario, in my opinion, is LBSR having a 10 percent interest in their part of the Hay Mountain project as production begins - should it ever begin -, or a 3 percent NSR interest. Anything over 10 percent, I think, will be very huge victory for management.

This may not be what some here are expecting, but, and assuming economic grades of mineralization, this process will provide an ever increasing share price over time, and the funds required to advance work on other properties within the caldera. After all, this is where the most potetial lies, at least for those with the patience to hold on to at least some shares over the several years ahead. ...again, assuming economic grades of mineralization are ever encountered.

Does this help?