Halfway raise is to avoid (major) dilution at 43c Raising US$120...

Halfway raise is to avoid (major) dilution at 43c
Raising US$120 million at 43c would not have been a great idea

So they are keeping it to a minimum to get the ball rolling on:
Road
Camp
Water

This will show progress required to get additional debt and raise the final piece of money at (hopefully) higher prices

AFC is the companies largest shareholder and they want this to succeed as much as you do

Above scenario subject to change mate, I'm not on the board, but see it as a possible path forward