All fair comments. My take on it is that the operational and...

All fair comments. My take on it is that the operational and overhead spend was around $42m for the last corresponding quarter. Add for the increased throughput and inflation - say make that +20% (a guess really) and they'd be needing about $17m a quarter? I thought the positive cash inflow of $19.66m in receipts and warrant exercise for April, plus the small cash position they had at the end of the last quarter and with significantly more expected in further shipment receipts for May and June would see them through the quarter. But yes, tight, and likely needing some working capital to be safe and to cover payment delays.

That sort of possible tightness in working capital didn't require the $44m raise though, so I'd still regard the bulk of this equity raise is to allow for their planned improvements. And they look substantial.

I think we're probably both right here and agreeing, plus I agree you can't take Broker reports at face value.