Ann: Quarterly Activities Report, page-7

No, not at all, a capital raising will be necessary to do any significant work. A glance at the cash holdings of the company will tell you that.

But a CR won't be necessary to stay in business, which is important. It means the company has some measure of control over when and how much to raise, it isn't forced to raise to remain a going concern.

If the investment sentiment is poor, they can afford to hold off a while until it improves. Plus, investors will look more favourably on an investment that is used to generate returns rather than prop up an existing, unprofitable business.