Yes but to only lay out the worst-case scenario and leave out the fact that the company may have money by then is either misleading or infers they don't believe they're going to process and sell any gold and that the company will need to raise all the funds. The announcement raises questions about what's happening with stage one IMO. And if they aren't allowed to state any money potentially earned from stage one may be used for a potential stage 2, maybe they should have held off on any announcements until they knew more about where the company is going overall. Looking at the AXS and NZX, it's sent shareholders running for the exits.
Ann: Trading Halt Request, page-15
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