I don't think JZ meant the whole CAPEX would be funded by cash (part of $9m). I think JZ was implying some would be used on top of funding which would either be strategic or OT prepayment. I personally would doubt CAPEX will be that low.
In any case, it is fair that JZ doesn't want to divulge his CAPEX number currently as it is yet to be independently verified (as opposed to the PEA numbers which have). If he released it to the market then you can expect many downrampers will see it as a negative regardless of the number just as much as downrampers dismissed our BG quality (even though the quality was proven to be correct eventually through independent testing).
The Stage 2 Capex number is more of a concern to potential partners. We know enough that it isn't the $141m figure for Stage 3, so regardless of the figure, it's a way in which for potential partners to lower their investment risk by funding a modular stage for now. don't forget the Stage 2 plant will be modular for the eventual Stage 3 plant. my understanding of this is that once the Stage 2 plant is built, Stage 3 will naturally cost less than the original $141m. the company aren't building 2 separate plants.
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