Ann: Federation Funding and Project Update, page-32

Agree, I think an equity raise is highly probable, to compliment a debt facility (often you can't get a debt facility without an accompanying equity raise).
This will put a lid on the share price until concluded. IMO financing for AMI has been poorly handled by previous senior management, and wasn't helped by the disastrous Dargues acquisition, but I do feel that the worst is now behind the company. Federation is a fantastic asset, close to infrastructure & should be brought into production quickly & at relatively low cost. The sooner AMI finalizes the financing including any equity raising if required, the better. This will remove any uncertainty, which has clearly been hugely detrimental to the company's equity price. AMI is one of the most undervalued miners on the ASX but should rerate quickly once financing is completed.