"But if that is the case, does that mean that our rainmakers and LBSR are still far from each other on any agreement?"

Do you mean on drilling?  Perhaps, but there is no reason for both things to not be happening concurrently.

"In a way, selling all these shares--hundreds of millions as you pointed out--at these prices is tantamount to losing millions of dollars over having actual investors pay for drilling."

Yes, but it could also mean a higher return to shareholders, if trenching and drilling are successful.  They would be separate projects, likely subject to different agreements.

BTW, Daylight Savings ends today, except here in Arizona.