Ann: Cabinet Approval of SML Application for Ngualla Project, page-128

I don't think financing will be an issue. It's a checkbox that has to be marked off, yes, but I really don't see there being a problem getting funds to build the mine and refinery. All it takes is a solid offtake customer (preferably two or three), and debt will be easily organised. With the SML granted, the main stumbling block now is in the arrangements between Peak and the government (the economic framework agreement, the shareholders' agreement, and suchlike). 16% non-dilutable free-carry for the government is reasonable, I'd argue, so that's a strong sign.

And frankly, I'd prefer to see the company finance the mine and refinery with debt than a capital raise. I think the financials of the project are strong enough to cover the cost of debt, and it would be a solid positive sign for the long haul.

In any case - time will tell. It always does.