Ann: IGO: Lithium Joint Venture to Acquire Essential Metals Limit, page-53

yep if you raise to advance the project but in this case they would probably only raise to pay wages.

Raise $10m, commit to a diamond drill program, still can't add tonnage and ESS would be at 25c hoping to find a partner to fund a chunk of the capex and take 70% of the project.

That's the problem with having a small project with no upside unless you drill the hell out of it which ESS cannot do