Ann: Pilbara Minerals Equity Capital Raising, page-602

In part, yes.

In business: saving money and spending money are not mutually exclusive.
For example:
Profitable company with 0 debt suddenly finds itself in position where it's making a operational loss (due to market conditions).
-Doing nothing will mean it will burn through cash reserves and become insolvent.
- Cutting down workforce and moderating production will only magnify losses and expedite insolvency point. (Due to large fixed costs that won't lower proportionally to reduced operations. It will just mean higher % of fixed costs attributable to unit sold= less profit/more costs per unit. It means it would need to sell more units to achieve profitability break even point, not less.
- Mothballing operation will not cut all fixed costs, maybe give more time. But restarting might be too costly and due to loss of customers it could be easier to burn down large operations with high fixed costs and grow small operation from nothing. (Expand as demand and customers are acquired).
- So the only option might be forward.
let's say: get huge $500mil loan > buy supplier company > buy expensive new machinery = supplier's profit from servicing you becomes yours, thus offsetting your losses a bit. The new expensive machinery allows you to produce unit for sale cheaper, thus cutting costs.
You will need 12 months to implement strategy so you need x amount of cash to burn until you get to the point where you are profit/loss breaking even.
So even though company now has massive $500mil debt: it has saved money from operational losses. And can now operate indefinitely without becoming insolvent.
So must PLS do as well: achieve operating profit/loss and have cash reserve to burn until then.
Improving costs of unit sold and investing into operation that will bring it profit in x amount of time. While mothballing projects that require high investment but returns to far away to avoid insolvency in the meantime (stage 2 and 3).
Now it just has to execute the plan and achieve desired result. And hope that market conditions don't deteriorate to the point where that strategy wont work anymore.