I would assume that the mining licence is the key critical risk...

I would assume that the mining licence is the key critical risk factor regarding the project. I wouldn't expect a capital raise given that they commit to a debt facility for the initial CAPEX. I would be in support of a capital raise later down the track if it was to cover the remaining 'at-commercial CAPEX', this way the company does not take on extra debt. But of course it would depend on the share price, for example, at 30c, it would only be roughly 34million shares to raise $10million. SO if the share price is at a reasonable price, a capital raise would be not cause a major dilution problem as the new shares are raised at a higher price with not much shares raised.