They can trigger a raise and go through all the motions without...

They can trigger a raise and go through all the motions without approval, but you're right in that it would require shareholder approval to formalise it... at the point they announce something it's as good as done, as they and their top shareholders' votes would align to their suggestion.

However, whilst I might well eat my own socks on this, I'm with you @Tcb007 and @Lightman1 in that I see no point in a near term capital raise. They do need $70m to spin that plant up and get it going, but they would be crazy to raise that full amount prior to the DFS completion which is due by the end of December. The DFS will also refine those numbers to a higher degree of confidence.

Granted, they might decide to manage risk and raise a portion of that prior to DFS, but I don't believe they would be allowed to state that it's capital to progress to mine because the DFS wouldn't have been completed. They would have to call it working capital, and the ASX would likely have them on that because they can't possibly need that degree of cash for working capital, especially as the millions come in from the converting options.

All in all, I reckon the reality will be that in December we get the DFS and simultaneous funding package to production announced.

Prior to that, I could see a JV or funding from AU / USA government, or an offtake agreement come into play.

Absolutely still a chance they raise money at these levels but I bet against that (and frankly don't care for the scenario as I'm here for the longer term)