"We've had two or three more C/Rs after PB said it would be the...

"We've had two or three more C/Rs after PB said it would be the last through to finance."

I've looked back to when SMS invested in 2016 and can find no mention of the cap raises being the last before finance!
The last raise in October they mention "completion" of some of the work, and before that "ahead of a final investment decision" but nothing about them being the last cap raise before finance.

SMS Investment 20/06/16
The proceeds of the capital raising will further strengthen TNG’s balance sheet and working capital position as it progresses project financing discussions for Mount Peake and advances engineering work being undertaken as part of a number of pre-development activities currently underway.

SPP 01/12/16
Funds raised under the SPP will be used for the ongoing development activities at TNG’s Mount Peake Project and to provide general working capital.

Insto raise 03/04/18
The proceeds will further strengthen TNG’s balance sheet as it advances key pre-development activities at Mount Peake including completion of final off-take arrangements, final engineering and design and securing the overall funding package.

Vimson Placement 24/09/18
Funds raised under the subscription agreement and the SPP will be used to progress the final engineering design and permitting required before TNG makes a final investment decision for the Mount Peake Project.. The strategic investment by the Vimson Group follows a number of important milestones for the project, including approval for a Native Title Mining Agreement (expected to lead to the signing of a final agreement and issue of a Mining Licence) and a number of senior appointments to the Company’s senior management and development team.

Insto raise and rights issue 11/06/19
The expected proceeds of the capital raising are intended to be used to further progress pre-development activities including design and engineering, final permitting and planning for the Mount Peake Project, and to provide general working capital, ahead of a potential Final Investment Decision for the project.

Entitlement issue 02/10/20
The funds raised from the Entitlement Issue are intended to be used for completion of the design, engineering and approvals work streams, and pre-development planning for the Mount Peake Project, as well as to provide general working capital, as the Company progresses the Project towards the Final Investment Decision for project financing.