RE:RE:RE:RE:RE:RE:RE:RE:Psycho posterscashtango,
Of course, roughly a Billion dollars is needed to build the open pit.
However, that future open pit is adjacent to an operating underground mine that will be producing $100s of millions of dollars a year in FCF, for the foreseeable future. One can borrow a hell of a lot of money with that kind of cash flow and security.
They will also get $100 million from outstanding warrants, and well as perhaps 200 million from streaming future precious metals from the ore (my wild guess).
NCU borrowed a lot of money last year from a German development bank using the copper as collateral. One could imagine many entities around the world willing to lend money to the company with copper as security, or an with a commitment to send copper to their country.
Finally, they could well do a partnership with a major mining company to split ownership of the open pit.
None of these except the last would necessarily involve dilution.
So, your cautions are not unreasonable, and completely correct for the average mining exploration/promotion company. But NCU is a newly minted producer, in a copper boom. The money to build the open pit will be obtained from a variety of ways, but not necessarily by selling off most of the company.