what are the chances of a capital raising?, page-42

Did you take Simon's words out of order?
Simon Hay infact said the funds from the balance sheet and a partial sell down of the project "will certainly fund Stage1".
Here is a screenshot from the November strategy update where the current plans for SDV were announced.

A partial project sell down was always part of the funding plan.
Now people are up in arms that GXY might not have enough cash to fund it without a partner?