1. Only funding currently available is company destroying,...

1. Only funding currently available is company destroying, totally dilutive to those that have held and does not allow for shareholder participation in any way.
2. The provider of funds can and will cap the SP on any movement until ready, regardless of provisions against it to do so. This will keep holders from any returns unless staying in for a long long term.
3. Last resort funding relays to a long term holding disaster for current holders (guaranteed dilution) even at todays SP would be 145m new shares @ $20m dilution would be more like 40% drop on SP due to market cap so end result is a 7-8c SP. So not only no income for X years, but no return on holding and in fact losing money for next 2 years before making income to cover your loss, just to maybe get back to even, not a great investment.
4. Assay results still missing.
5. No offtake agreement for end product.
6. No mining licence.
7. No proof of viability, pilot plant, other than a report driven by a current issuer.
8. Long wait until production ie: market directions can change quickly, uncertain times even in next 6 months , never lone 3 years.
9. No income until 2017 (late) at best, and further capital near $100m required to build sufficient plant for such a spend to get the return.
10. $20m does not cover $100m required, more dilution coming.
11. Can't see any uptrend.
12. Fundamentally, the only winners are admin/management (guaranteed income for X time), and the issuer of the funds facility, sell money, buy shares cheap, sell and repeat, with fees too boot.

Anyway each to their own, like I said, and Snowy rightfully points out, this type of funding is available to any stock on the asx, its a loan shark take take arrangement, the loser is the holder, you can not make a return as a holder.

The only time it would be of interest is when your end goal is near term, borrow $20m which allows you access to some other asset/return which can be sold/taken at $100m within 12 months, then you could bare the dilution as the end result is clear and probability sound and high.

Why not just go to market and ask for $20m at 16c share with 5 free attached options per share with conversion price of say 30c in 12 months time.

If converted, that would be 625m options x 20c = say $125m

Problem solved, fully funded until production, holders get to participate, direction known, stability ion SP, market will run it to 30c quickly, options convert, away we go.

The market will either back it or it wont, and if it doesn't, then sell of the asset as is for $100m in cash and/or backdoor it into SYR of the like.