In a similar position to you in that I have followed this one...

In a similar position to you in that I have followed this one all the way down, felt bullish more than a couple of times and then frustrated.
I still believe in the project - with confidence we will now at least get to project ready status.
I got a lot of confidence that Mark Eames joined the Board, evidently after he would have been all over the revised smaller project scoping. https://magnetitemines.com/positive-razorback-scoping-study-results/
Whilst MGT still have to get the deal across the line, RFC would have had a good look at this already and know their stuff. They will hopefully introduce more expertise which should also build market/public awareness which has been frustratingly missing throughout.
My take on this is:
Assuming the Board raise a reasonable amount in this current issue - say $700k plus, then the company has funds to operate and to get us to the next stage but not necessarily to invest in the feasibility studies.
MGT will have secured a partner in RFC who will stump up all of the feasibility studies monies for 70% of project.
If we can somehow contribute to the $15-$20m required for this work through possible offtake partners or further raising (hopefully at higher prices to this one!) - then RFC will only go to 50%.
So, our worst case is we end up with 30% of the project - and she is ready to go.
No guarantees of course, but again given Eames and RFC would have been all over it - you would think it stacks up. We have also gained considerable credibility for any other potential investors and I imagine RFC would be all over the actual project funding when we get to that stage.
Looks a damn sight better to me than where I feared we were heading and if the Board can put all of this together, especially in the current environment then they have my vote and thanks.
Good luck to all and hopefully we can get some good positive awareness and outcomes.