Unless they bring out some revised numbers in a BFS, they are...

Unless they bring out some revised numbers in a BFS, they are going to have a hard time attracting any significant Finance: There was an observation in that 2021 offering that will be ringing alarm bells with any Bank or Investment Fund:

"The Scoping Study was based on low-level technical and economic assessment that are
not sufficient to support the estimation of Ore Reserves, or to provide assurance of an
economic development case at this stage. At this stage the company has worked to +/-
50% accuracy, which is below the 30 - 35% accuracy that would typically be targeted for
a scoping study"

So it looks like a CR on the market, which is possibly the reason behind the current Pump activity. good luck on keeping the price up long enough to establish a decent VWAP,

Ref: https://ionicre.com.au/wp-content/uploads/post/Ionic-RE_Data-Valuation-Report_Final_10-Oct-2021.pdf