Hi @yoyokhesh, in regard to your point (3), the $3M working capital is additional funds required after $11M is spent upgrading the plant.
So, the funds needed to start the project (i.e start mining & processing) is more like $14m - $15m as per the commentary on page (1) of the ASX announcement dated 18/11/21...
As far as I can see, the biggest risk factors appear to be the government approvals. Adelong will remain a 'drill only' project until all the necessary government approvals have been obtained and $15M+ in project funding has been secured....
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