Fair enough but IIRC it is less than 50% dilution.  We have several projects to make up for that though.

We can't forget that Van Dyke, on a really low copper price assumption, was recently valued at a US $660 million NPV.   We own 100%.

Say, just for fun, that they can get a buyer paying up somewhere in that neighborhood after the next good pop in copper prices over the next two years -- and maybe a PFS exists by then confirming and derisking the NPV.  That's $900 million CAD or $1.63 per CUU share, just for VD.  That makes up for a lot of dilution.