Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-26

Between the two most recent quarterlies, they spent 11+ mill and basically did no actual operational work. With 21m in bank as of June, If they spend any actual money on construction or operational purchases before they complete financing they will have to capital raise again. Even if they don't, it seems their sustaining costs will likely exhaust the money in the bank anyways.
That being said, once financing is a box that is ticked, this will turn. Given his history, Luke Anderson being on the board is a good sign of confidence for this becoming an operation, otherwise why the f would he come on board. Risky to short, gambling to long this early, once positive news flow comes it should be a pretty easy pick up.