I don't agree with this, this was why the project was split into...

I don't agree with this, this was why the project was split into 3 stages, then again 3 substages. The smallest economically viable denominator in my opinion. Stage1 c.300m capex. These are both capital and labour intensive operations where economies of scale come into play at scale. Internal funding to self propell growth is wishful thinking for this type of project. The margins would be so slim, you would be lucky to cover costs. Not to mention the additional cost to scale infrastructure you couldn't initially afford.
I was hoping for some kind of presentation and update from the company to show where the money is going, an update on funding / lackthereof. Suspect instos would get access but let's wait and see how the cr goes. If oversubscribed it will speak for itself, if not, well we all know where to from here.