You need to take into consideration that Mildura construction...

You need to take into consideration that Mildura construction has started and they are yet to have finance approved. Refer to the $17m payment for PPE in the 4C.

This is why it's important that the announcement states that they expect funding to be announced this month.

As some of the construction cost has already been paid in cash the finance won't need to cover the entire construction cost, just the outstanding balance and maybe add back some working capital as well.

Still not 100% convinced they won't need to raise capital but will need to wait for the Mildura finance announcement.