I made a few assumptions there, still coming up to speed. How...

I made a few assumptions there, still coming up to speed. How does one raise serious development capital/debt without a feasibility study that wraps up the mine design, development, permit situation, rehab, closure plan etc? Never crossed my mind a company wouldn't put up in lights the general state of play and valuation metrics it's asking debt and equity investors to get involved with.

I doubt the <A$20M left after Tranche 2 payment will be sufficient to fund Phase 1 and ongoing corp/project costs etc. They need another US$10M (~A$15M) just to finalise the Rift Valley vendor purchase "upon first commercial production", which if Phase 1 is considered commercial then basically add that on to Phase 1 capex. They need either an off-take line of credit, some other finance as you say or one another CR. On reflection, a cheap Phase 1 plant will serve as aproof-of-concept pilot plant will be the foundation for a final study and support of any larger capex for larger plant (will they choose to incrementally grow production or go straight from phase 1 to a ~3Mtpa plant?).

Also assumed that despite being granted a mining lease there would be some regulatory environmental, community or government hooks still to navigate. Very happy if it's all locked away free and clear of any final shake down. Speaking of mining lease, can anyone confirm the ML 2032 expiry is the 'initial lease' with a 15 year extension is beyond that?