The company had no thoughts to using PP funds for anything other than drilling. I'm convinced of that. However, things happen. They failed to raise the PP funds they needed to advance the project along with the share price in time to meet other obligations - no deception intended.

Then, and though I've not played one on TV, the little bit of lawyer in me read nothing in the documents surrounding the PP that stated funds raised would be used exclusively for drilling. That may have then been the intent, but it was not warranted and binding in any way.

In other words, LBSR got stuck, is stuck between a rock and a hard place, and they are doing the best they can with the little they have.

As it is, only time will make this better, ...or much worse.

VP