You're missing a 4th option, and funnely enough it's the route they say they're taking.
Contracting for open pit works at Commstock, Falcon and Shamrock in Golden Mile. All workings will only be to 50m depth and its open pit, so they're just digging it out of the ground, loading it into trucks and trucking it to Round Oak Processing plant. They would most definitely need capital if they were jumping straight into underground mining, however thankfully Aaron and team seem to believe they've found a way around any more capital raises.
For all this to come to fruition this quarter we still need the ML before the end of the quarter and the updated PFS's for all of Commstock, Shamrock and Falcon. If they pull this off though, and i have a lot more confidence in Aaron and team than previous management, CR's, loans and asset sales will all be unnecessary. This option remains to be seen, and, in my opinion, could still result in a necessary small CR or loan. Hopefully by that stage a small CR of $1-3M would provide very little dilution and/or a small loan very little risk for immediate open pit production!
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