They had $4.1m cash over a month ago, with $3.3m expected to be...

They had $4.1m cash over a month ago, with $3.3m expected to be spent before Sep 30. So you could assume that at this very moment, they have $3m cash on hand and possibly $1m by the end of the quarter (8 weeks). Of course some $$ investment elsewhere in a peer but no clear picture what's the plan there. Options conversion is also a shot depending what happens from here, hard to say with certainty.

I do think ultimate end game is a JV or TO. But if you're otherwise predicting that to happen in the next 8 weeks before a CR (or placement to another miner/soph/etc...any dilution basically) might fall due, is it really likely?? remembering all the time required for legalities of contracts, voting in a TO, the due diligence period to transfer from a binding agreement to a formal JV - all of which you still burn cash during that time.

CR isn't a bad thing by any means either, people get scared and defensive at the thought but if there is merit for how the cash will be spent (as there easily should be here), the stock price aligns with reality eventually.

Also, a TO before the prospect of the next CR could easily be argued as selling out too soon since they could very easily build up the resource and worth of the company by investing more of raised funds into it before putting up the for same sign.