Ann: Quarterly Activities Report, page-5

The current resource estimate is based on past holes drilled with targeted holes being drilled now to determine the extent of the high grade areas and potentially expand the resource. Most people on here have determined that this drilling should up the grade and size of the resource.
Politically we know that the Philippines is looking to kick start their economy and are becoming more agreeable to mining to assist this recovery from COVID. Political risk is an issue for all miners, even (and some would say especially so) in countries like Australia.
As was noted, the resource is not in a terribly remote area and has been mined in the past. I'm not sure where you're finding that this will have any higher costs than similar deposits, please do share some research if you have it, I'd be interested to see.

There is always risk associated with exploration mining, and that is largely reflected in CLA's MC being less than $40m despite having identified a sizeable resource in a hot commodity along with holding another project that may well become profitable if cobalt prices continue to rise. Perhaps you should hold off buying until these most recent drill results come back.

Finally, find me another junior explorer that identified a resource and didn't fund at least a portion through capital and I'll eat my hat. This is pretty standard practice.