@$ man
You are correct! CXO already has over $693 million issued share capital. Cash report as @ 31 Dec 2018 suggest estimated expenditure of $2.2m for the March 2019 quarter. So, not enough money for production plant and mine development. You can assume some CR in June 2019 quarter!
Another point that you may say a kind of criticism is scattered pegmatite i.e. see figures in CXO activity report dated 30 Jan 2019 i.e some are six meters thick at a depth of over 150m and CXO management is looking to mine which would be highly un-economical with lots of impurities and dilution and therefore shouldn't have been counted in resource estimates!
In other words, CXO is trying to put a rosy picture ahead of the actual mining and production and impending difficulties!
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