Ann: Arafura Launches A$20m placement and A$10m SPP, page-111

Disappointed with yet another cap raise. But could they be doing it because it's the funding required to get them to the big announcements / jumps in SP? We know they can't be far off. It's my opinion you wouldn't get big players like GR if it was to far wrong. NT 300m grant (can't remember what it was called), interest (most likely binding offtakes coming) from Hyundai, Kia, GE, Siemens etc etc. I don't keep up with everything like I should, and that may show through on my post, but aren't all the fundamentals still right for this one?
I've been burnt as well, but still see this as a possible big player.
I am a little concerned about nearly 300 billion shares being out there.
Am i being to optimistic? Can this still get to a dollar stock or am I dreaming now? Because I think this may be a good chance to average down.