Cash burn leading into construction is not red flags. It's a...

Cash burn leading into construction is not red flags. It's a necessary reality.

I doubt they have started any meaningful amount of construction work because if they had we would have seen pictures of it. There was some initial earthworks completed but I think they have held off major works ahead of receiving more cash.
Personally I now think that I would have preferred a cr for part of the capex needs a few months ago to get into construction earlier rather than wait on the IDC funding to start work.
Getting into production earlier is probably now getting more important IMO than keeping dilution to a minimum. I want to see production this year first and foremost. A cr last year and being well into construction by now might have been better overall. Maybe the company thought it was worth waiting based on ongoing talks but things have taken longer than they may have expected. Tough call either way I guess, especially when they told us they were aiming for non dilutionary funding.