Is the reference to raising funds before Christmas referring to...

Is the reference to raising funds before Christmas referring to Phase 2 funding, or is this just an interim top up to fully fund Phase 1? Either way, I'm not sure if the "before Christmas" timeline has been publicly acknowledged before. It seems quite encouraging that they're talking up how many offers they're getting and the Glencore deal really does seem to prove their legitimacy within the industry, even if it's not reflected in the stock price.

With Terry saying they're not looking for a simple on-market equity raise, does this mean they could be looking at getting a strategic investor on-board or another non-dilutive option? Do we think this funding announcement could be a short-term positive for Galan? Paging @mondyinvest & @paulgf for your perspective.