A. From CWS "Sitting on the nations biggest laterite "
B. From you "No, not 6 months - more likely we'll have a strategic partner by then, not another CR"
Why bother with Drilling more holes before you have a binding offtake? Just the board justifying another year. Use your logic. You have already stated that you are sitting on the nations biggest reserve and that you expect finance within 6 months so why raise now? In my opinion it is because of the reason above.
A + B = no confidence in getting an offtake or finance and therefore do CR now after the pump.
Ann: Successful A$21.5 Million Capital Raising, page-15
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