Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-86

The issue is not about getting bank loans over time however they start contructing without having a concrete financial plan in place. They need more money in the next quarter.
these big players will let those desperate miners out of money so they can buy much cheaper.
glencore had few offtakes with some other small miners over the years and most of them lost more than 50%. At least the chinese showed more commitments by paying the money upfront.
The question is, do they have a backup plan by delaying the project until funding is available?
many procuders scale down or close of their mines temporarily recently.