I agree that is probably why some people have been selling but I...

I agree that is probably why some people have been selling but I still think that this is all more than factored in. More dilution is factored in than what this market cap is pring in. Ie, with a mc now at $35mill, if they issue the roughly A$15mill to the SWF at 8c and say there is another $15mill below the current sp for a total $30mill, that bumps the diluted mc up to around $60mill.
The project is worth a base case, after tax A$300mill and over $400mill at spot prices. So even for anyone assuming there another cr for say as much as another $15mill, the upside is still very large even if you assume production in say one and a half years instead of next year.
So any way I see it, this is heavily oversold. I really doubt there will be another large cr considering that the SWF has agreed to invest US$10mill and that should be getting close to going through.
I'm not saying there are no risks. There clearly are plenty. I'm saying it is oversold even allowing for more dilution and more delays.
I think the selling is much more to do with the delays and the uncertainty that creates and nothing to do with the valuation.
I didn't really want to revisit this thread for a while but a bit more balance is worthwhile. Im skipping over the posts of you know who but still reading some of the others and the sentiment is at record lows here.