Ann: Quarterly Activities Report - December 2022, page-19

Rox can spend $1m month for the rest of the year which should easily cover all the drilling and studies they need to complete imo.
But should more cash be needed it will be at the DFS stage,
As companies approach production they don't want to dilute their share registry and they don't have to. As they are derisked other forms of finance become possible. Capricorn was substantially derisked when it turned to Macquarie Bank.

ASX-listed Pilbara-focussed gold developer, Capricorn Metals, has topped up its coffers with a $100 million debt and guarantee facility executed with Macquarie Bank to support the development of its flagship Karlawinda gold project in WA.

Macquarie will provide Capricorn with loan facility of $80 million and a bank guarantee of $20 million.

The confidence in Capricorn soared when the market saw that that loan and the SP exploded.

my opinion