I think we all accept that NWE will need to raise funds AFTER...

I think we all accept that NWE will need to raise funds AFTER the two wells and 3D.
By then we should know the results of the drilling.
I expect a rerating of the share price, upwards, after drilling.

How the funds will be raised with effectively be decided by MIN - regardless of whether it is the existing BOD or a new BOD.
MIN cannot simply issue shares to themselves to raise the funds as there are both creep provisions and shareholder approval needed.
This will not be able to vote their shares on this issue, effectively killing it.
The remaining shareholders are mostly hostile to MIN.

A placement to MIN friendly mates, commonly called "sophisticated investors" is a strong option.
However, this dilutes MIN's holding as well as ours.

The next option, and I think the most likely, is a rights issue.
I think MIN will like this option as they will underwrite the issue and pick up any shortfall, increasing their % holding.
The problem for MIN with a RI is that they have to fund there 80% plus around 75% or NWE's contribution,
ie the other shareholders, us, will only contribute around 5% of the capital raising.

A loan is a possibility given successful drill results and MIN's name behind it.

Interesting times ahead.
Just get the drilling done.
GLTAH