From what I understand, if they can get debt financing on...

From what I understand, if they can get debt financing on favorable terms, then they will consider this option. However, you make it sound like it is make or break by saying they are "winging it". They have outlined that the cap ex required to get stage 1.5 up and running. This has been reduced considerably and spread out over the next 12 months and they have shown how they can self-fund it through revenue if need be.

As Happ pointed out, they have shown the revenue and pricing so it's only onwards and upwards as far as I'm concerned!