Yes I'd agree - at end Sept. they only had 2qts of cash left so will need more $$ before end of March
Our last two CRs IIRC were $12M at 6c in August 22, and $8M at 3.5c in September 21 - this one likely to be >9c at a guess so steady improvement in SP with each raise, minimising dilution and making progress. They seem to go to sophs and close the deals quickly so unlikely SPP in it for retail, I reckon you're on the money with cornerstone investor...
Ann: Carbonatite Discovery Shaping as Regional Rare Earth Source, page-52
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