Well, in the Conceptual mining study, PXG had $25M for a...

Well, in the Conceptual mining study, PXG had $25M for a agglomerated heap leach. Now given that they've got $20M in hand, and that that price would go up if the heap leach was built as a stand alone facility, Given the ability to raise $10M, either on the market or through ore sales like they have been doing, then they'd have a facility that would spit out cash from beginning of year 2, with an NPV of $34M at 7% according to my calcs.

Given an average cash cost of say $950 including royalties, that'd be a significant chunk of cash with which to build the rest of the joint. If they wanted more cash all they would have to do is put more grade to the heap leach.

In other words, PXG could self fund the construction of their plant, or at the very least ride out the storm until funding was available.