Ann: Macquarie Bank Australia Conference Presentation, page-15

From Quarterly update 31/3/18
Feasibility study to be completed by end of Q3 2018 to confirm the size and economics of a potential commercial expansion of the BAM facility
And from the Q1 Quarterly of 30/4/18 these comments
FINANCE AND CORPORATE
Cash balance as at 31 March 2018 US$80.5 million

• Q2 2018 forecast net cash outflow US$25m, 30 June 2018 cash ~ US$55m
• Targeting positive cash flows from operations at Balama ~ mid H2 2018
• Timing of BAM major capital expenditure post site selection will be made in consideration with Balama cash flow profile

PART OF SUMMARY
Remain diligent in timing of major capex spend in conjunction with Balama cash flow profile

As I remember a couple of years back an extimate of $80m for full development of BAM would be needed and finance for this would be looked at in conjunction with Feasibility study
Their comment on 30/4/18 regarding timing of capex in line with balama cash flow supports your comments Queeche.
It will remain to be seen once feasibility study is complete the extent and method of any finance required for major development .
This project has been on the go for some time and management no doubt have plans for whatever feasibility shows