Ann: Exploration Update - Manna High Grade Drilling Results, page-10

with respect, it is clear that you have a technical background and i think the results are solid, not stand out.
however you clearly do not understand how capital markets work.

it is highly unlikely / impossible they will issue 100% shares to finance the capex. The appointment of Azure as project finance advisor is to lead the debt and project finance sourcing from banks and other non bank lenders like export credit agencies and perhaps even source non equity financing from customers in exchange for offtake.

there probably will be an equity component but only after the project is advanced and the debt packages have been assembled. In fact i think Azure got the role because of their relationship with their shareholder Natixis, which is a French bank that probably offered to underwrite some of the debt.
i think great grades are important but please don’t underestimate the development progress and value associated with that.
Not all operating mines came to market with the best grades and rocks.
i do think though that this is a TO target once the DFS is sorted and there is further progress.