from penny darling to pretty ordinary, page-5

Assuming that we have the technology required to successfully separate the nickel & cobalt from the laterite ore, the next stage would be a BFS. iI believe we have seen costings of around $12m Aus. this would be financed by issuing shares at around 2.3c to a prospective partner, approx 520 million shares.
if the bfs shows that the development is a goer the new financial partner would be expected to finance the equity required ( if any ) and the balance funded by borrowings. probably the equity requirement would require more shares to be issued at a higher price, possibly around 7-10c.