Was always on the cards. The "subject to conditions precedent...

Was always on the cards.

The "subject to conditions precedent being met" part of the Glencore deal would have almost certainly included a minimum equity component. Not sure why anyone should be surprised here.

Retail lose their minds over cap raises - when context is what matters.

Cap raises to fund endless working cap (to keep the gravy train going for lifestyle managers) should be frowned upon. Cap raises to shore up a balance sheet and secure debt funding to complete construction & transition from a developer into a producer should be welcomed (depending on how it is priced/supported, etc). The cost of capital always needs to be weighed up. The only criticism could be over timing - but that is the punt & no one has a crystal ball.

I've been waiting patiently for this and want to see how it is priced before taking a position. No one likes dilution, but investors in junior mining minnows have to expect this on the path to producer status. The capital structure is still intact for the progress made - which is impressive. And the fact they can even raise capital in the current market is a positive sign.