Not quite sure I follow. I may have previously suggested a...

Not quite sure I follow. I may have previously suggested a construction slowdown, but I think they need to pause altogether and take the hit (see here from early this month: https://hotcopper.com.au/posts/74284929/single). I don't see how that suggestion is incongruous with wondering why the updates have dried up. Since the start of the year, they provided standalone price-sensitive announcements about pond construction/filling on at least five occasions - 9 January, 23 January, 27 February, 19 March, 29 April. It's now been almost two months since any specific construction updates have been provided, which is definitely a change in approach. Unfortunately, the recent share price weakness (only partly the fault of the recent capital raise - the whole sector is getting smashed) effectively means that continuing to fund the project via equity is now certainly out of the question; the dilution would be too destructive. Raising the assumed balance of around A$95M at say 13.5c would mean over 700M new shares (150% dilution) and who knows how many options, and there's simply not that amount of capital available for struggling juniors; even in a bull market the biggest raise they ever got away was A$50M.

At A$80M market cap considering what they have it's hardly expensive, however it appears the debt option is dead now. I just can't see how they fund the balance of the capex; it's too difficult to place a value on a partially-built project. What do you think they need to do from here?