Exactly all that is required is at least 5% of the registry and...

Exactly all that is required is at least 5% of the registry and tbh serves them right for not finding the right capital raisers.
It won't take long before an entity or controlling partners scoops up controlling rights at this stage and they might vote for full board removal and take over.... always a risk at this "level"... its probable whilst unlikely. TBH if a cashed up consortium that was bullish on lithium wanted that asset they could accumulate voting control at 100M market cap and sell off the gold mine and tenements for a song to the right investor getting majority of money back and ending up with a cheap lithium deposit with a full DFS .... makes sense to me.