Sorry, I'm a bit slow on the uptake - don't they have 771k + 250k today, ie $1,021,000? That convertible note should be cash today in return for interest and return of the capital in 12mths in the form of shares -it's not like options where the underlying SP needs to hit a certain value to exercise/convert.
Having said that, there is still only 2 quarters there with $564k worth of A/O, $300-400k of Adelong drilling and some more for Cosmo - so they will need to raise at the end of the year.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-22
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