Liabilities sit against your net assets, not cash and cash equivalents.
it's like borrowing money from the bank to own a house. you have a 400k liability to the bank but you're assets are worth say 600k. net equity is 200k. if you have 500k in cash as well you don't have $100k. the liabilities sit against the house. $600k-400k + 500k etc.
cash 1.8m with cash burn close to 1m per quarter (less one off admin costs) which means a CR will be coming before mid year which is what I have said in the past.
if they fast track value extraction on lithium plant they can avoid as you rightfully point out.
SF2TH
Ann: Half Yearly Report and Accounts, page-3
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