RCF is a specialist resources PE fund. I would think their...

RCF is a specialist resources PE fund. I would think their natural exit point would be to seed or enhance a T/O offer by a bigger player. That could be done with or independently of funding capital raising on- Decision to Mine.
They were in HCH alongside another two early investment Resources specialists including Black Rock. Glencore did a deal for funding there where they secured off-take and bought an option to buy a dominant equity interest 25% (I think). In that case, it was to fund DFS but it was a porphyry so much bigger to drill out.

It really depends on how the project goes, the Cu price on offer and other opportunities for them.
One thing RCF offers, that is very important is a level of experience for the board and a resilience not to be bullied when funding is needed desperately. They fact they did a bit of that themselves when NWC needed capital is a bit of irony or that business.

All IMVHO.