I now see it as an exercise of getting the SP to a "Fair Value" based on the value of the In-Ground asset. At which point a small CR to raise 1-2 years of operating cash and pay for a FEED/BFS, followed by Finance to raise the CAPEX ?. The more value they can attribute to the In-Ground resource before the CR the fewer shares they will have to issue.
Too late to do a 10:1 consolidation but a 5:1 might be on the cards below 30c. IMO they will have to act quickly if that is on the cards !
General discussion (MEI), page-338
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