Ann: Quarterly Activities Report, page-7

Kenny, I actually like cap raises - its is the life blood of an exploration company, and a measure of its blood pressure.

The best outcome is when the SP dips a bit but does not hit the CR price and then runs away (eg AAR) - but PFE has already dipped a point below, that needs watching.
BC8 showed how it's done - on the cusp of first pours from two projects, and did not need the cash (debt finance in place) but got the offer of 60 mil to replace debt on better terms - then along comes a fundie who said 40 mil or nought so the raise is 80 mil.
Dillution! I hear. But the measure is how much Enterprise Value can be added with that warchest, and with opportunities galore.

IMO AHK will roar through it's CR needs - just wait for the Scoping Study, which they mention will need only a small step-up to a full Preliminary Feasibility Study. Then with an ML application in and a new Qld LNP Government in place to get things on the gallop AHK is a no brainer.

Not advice. DYOR.