My understanding is that if they choose to raise via the flow through for critical minerals then that money has to be expended on that. As you say it's unlikely given they are yet to acquire the projects.
The other possibility, and maybe I'm too optimistic and have rose-coloured glasses on, is a rights issue or component to include it for long suffering SHs to get in before the MRE, mill study, results of lithium core assays etc.
My understanding is that if they choose to raise via the flow...
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