Ann: MEL Investor Presentation June 2024, page-24

Thinking about if from a different angle - management must have determined that they needed up to $2.5m to drill, complete and connect and usher the company through to first revenue - presumably with buffer. So as long as they have projected accurately - and let's face it, they have the most complete information available - all they need to do is get the spp over the line, or find a supplementary source (debt or placement) to fund any difference. $1.5m seems like a fair task at this point, but ultimately it is only 50 entities at $30k. You'd assume the majority of top twenty would be in, plus directors....which is ~ half the required amount straight up.