Arguably they could have raised a significant amount after they...

Arguably they could have raised a significant amount after they announced the NAIF, at a much higher price but they didn’t and we don’t know all the details.
There was also a sense they were waiting for the gold but as per the Q this is now gone.
The reality is the situations at SO4 and KLL have crushed the sector. As per the recent KLL Q, the picture still isn’t great with significantly increased operating costs.
What can APC do? They either down tools with minimal cash burn (similar to RWD) or plod on.
They are plodding on and appear to be de-risking the project and trying to avoid the mistakes others have made.