Ann: Chairman's Address to Shareholders - 2022 AGM, page-5

To me the following commentary from the chairman’s report is quite clear that a substantial equity raise is on the way - this is not going to be debt funded like most holders would be hoping.

Discussions with multiple potential counterparties have taken place and we are well advanced in finalising a funding structure we believe is balanced, efficient and cost-effective. This structure also minimises our exposure to the challenges of inflation and supply chain delivery, whilst optimising the value of our existing infrastructure in the Cobar area.