Ann: Notice of Annual General Meeting/Proxy Form 2022, page-3

An important paragraph in today's "surprise" announcement is by the Chairman -
"Mr Woodall said that the Company’s capacity to raise additional capital during the next 12 months would be contingent on the passage of resolutions to be put to Shareholders at the forthcoming AGM on 15 November 2022. "
Therefore, we should be focusing our attention on the previously released Notice of General Meeting.
To me, the most important resolution (with the knowledge of today's announcement) is Resolution 12 regarding the Approval of Additional Placement Capacity seeking shareholder approval to issue equity securities up to 10% of its issued share capital through placements over a 12-month period following the AGM.
The purpose is to progress Hawson's Iron Project and feasibility studies in relation to that project. Table 1 in the Notice of AGM gives some examples of what could be raised according to the SP and other factors. With a SP ranging from $0.20 (yes, they may have predicted somewhere in the range of today's SP) to $0.80, Funds raised could range from $14.8M - $118,658M.
Note that Resolution 12 is a special resolution and therefore requires approval of 75% of the votes cast by Shareholder’s present and eligible to vote (in person, by proxy, by attorney or, in the case of a corporate Shareholder, by a corporate representative).

Basically, the Board is saying, Vote for Resolution 12 if you want progress in the next 12 month of the Hawson's Iron Project.
I don't think the remaining shareholders will have much choice. Because of the uncertainty of how much the dilution will obtain, they have scaled back the foreseeable expenses and slowed down the BFS. It seems they have given up the possibility of using the LDA Capital facility.