Including some working capital you'd need 8-9m. On current...

Including some working capital you'd need 8-9m. On current market cap that is essentially a 1:3 cap raise. That is prior to any discount. Realistically you'd be looking at up to 40%dilution once discounts are factored in. I'm not sure exactly what $$$ have been spent so far in total, but I have a feeling that giving up a 10% stake (20% of BYE's share) would lower the risk whilst also diluting existing holders less. Really comes down to how any cap raising was performed.

A placement to sophisticated/institutions would see all holders essentially diluted, and worse off than a farm out. A rights issue would see no net dilution to holders taking part, but would be unlikely to be taken up in full due to the scale needed. A farm out would see future revenue lost, but preserve the capital structure. Downsides to everything. Personally I'm hoping for a MEL farm-in as that's where my interests are - but they only have 10m in the bank thanks to a stupid return of capital - so the risk gets quite high that point, given that MEL have already funded the convertible note for the same project.