Ann: Quarterly Activities Report and Appendix 5B, page-264

"How can they start producing by the end of June, if by the end of Jan, not a single cent of funding has been received?"

They had $9mill cash at 26 Sep according to the December presentation. That could be enough for at least a month or two of construction activities while waiting for further funding so not having the IDC funds this month or next might not cause any slippage to mid year production targets.
I think many investors are probably expecting at least a month or two further delay though (some probably expecting a longer delay), so meeting that target could be a positive surprise if it happens. If we receive the IDC loan or one of the other sources of funding in the next few weeks, we could perhaps see a bigger sp move than many here might expect. From a fundamental point of view, the sp is currently factoring in production at least 2-3 years out with the market cap this low. I'm pretty confident we won't be waiting anything like that long so anyone taking a medium to long term view should see very good value at this price. Especially so given the big upgrade to the production guidance over the first few years.
I think the current sp reflects doubts on the timing and traders chasing other opportunities due to the timing uncertainty here. That creates deep value for longer term investors and a good trading opportunity for those willing to wait for the funding and/or start of construction news.