Ann: Investor Presentation, page-105

CXO spent around $120 mill to get to DSO and dms starting? plus a few years of time. That figure might not be correct but WR1 will need around that - maybe more to get to DSO stage plus time. Due to demand outlook for Li its pretty obvious any real potential suppliers of Li from new mines will have future offtake customers knocking on their doors if and when resources are proven up.
WR1 requires cash to be able to drill, prove up resources and eventually produce DSO. From there, funding could be obtained solely from the co's own cash flows and profits via DSO to move to DMS/refining. The thing with this is - the timeframe may be too long for demand/customers needing supply and some may be willing to fund investment if timeframes can be shortened. I think that is were the industry is at now, with cases of countries building batt manufacturing hubs but have no supply of the ingredients to make any batteries.
If flow thru funding is used and WR1 raise capital at anything over $4 a share, current holders will be rewarded. It would be encouraging to see them raise enough from a future offtake customer (they would definitely be a long term shareholder so no profit taking bitches) that would cover getting drilled and proven resource stage (1 year) for less than 10% dilution ie 10mill shares x 4 but without giving up much more of the company until funding to actually commence DSO mining/transport.