Ann: Updated PFS Confirms Strong Economics of Sorby Hills, page-104

My thoughts:

2. We defer payment/reschedule payment and complete a cap raise purely for the minimal funds needed to progress the project until a potential cornerstone/Henan investment etc.
- the market would still view this as an overhanging debt and the overhanging debt is the reason the share price hasn't run. Get rid of it entirely. Plus, until its paid off they still have a charge over it and you never know what market conditions will be down the track, last thing you want it to keep drilling and grow the deposit and then miss a payment and lose the project altogether

4. Henan step in with a large figure of funds. (Could do a loan convertible into shares)
- a convertible note would be quite expensive (fees and interest) and conversion would continue to cap the share price, also they already have 25% of the project, you don't really want a Chinese company to have a bigger stake this early

5. An offtake agreement from another company surfaces very early, incorporated with funds.
- too soon for this option. You would be giving away a big chunk of upside, best to wait until the next big resource upgrade and a significantly higher share price and then revisit, just as G1A did

I know people seem to dislike capital raisings, but this is the best option right now. No debt and the ability to grow the project before giving any of it away. Even if they do a $3 or 4m raise, they will still have a very low market cap and the potential to rise significantly in value. I'd be guessing the major shareholders would participate in some way based on the recent change in holdings.