Ann: Flow-Through Share Funding Raises A$14.6M, page-8

No the market has F*ed over management by deciding not to apply a significant value to the progress GT1 made.

I'm 100% sure Management didn't want to do a low-price CR. For months there's been rumours around restocking and a Spod price bounce but it hasn't happened yet. The spod price (at least the regularly quoted Chinese spot market) continues to fall. If that rebound had occurred, I'm sure it would have lifted Lithium market sentiment, GT1's share price and enabled a CR at a price that Management and shareholders would have found acceptable. With hindsight, GT1 would have been better to do this CR a few months ago but hindsight is a beautiful thing.

So assume you are going into December 2023 and you haven't yet pulled the CR pin. You now have a choice of two options:
1. Raise cash at the prices being offered?
2. Preserve cash by going into a slow down re activities consuming cash. This probably involves stopping the rigs turning at Root and any winter infill drilling at Seymour. It probably means not starting drilling at Junior. It may mean a delay to DFS/FID dates. It probably means a delay on Hydroxide timelines. The likelihood is that after this stop, rigs won't start until summer 2024 (at best). Your next CR will need to occur from no drilling results with a rather low cash balance.

Ugly choice, but you are suggesting management would have been better to choose option2?
I don't like the CR, but I like it a lot more than option 2.

From the September quarterly: