I didn't understand half of what you wrote and the acronyms...

I didn't understand half of what you wrote and the acronyms confused me -- not a criticism . I think SPV is Special Purpose Vehicle (?) which is a project financing structure mentioned in a YouTube video I shared here a few weeks ago.

We would really struggle with another cap raise. As you mentioned, our market cap is so low we'd need to increase our shares on issue by 50% just to raise $7 million. And the owners/directors would be diluted as much as anyone.It's a pity our share price and market cap is so low. Last time, the company was sending me emails and SMS, and extended the deadline. It bordered on begging / desperation, and a red flag I unfortunately chose to ignore . Even with the efforts expended, they didn't reach the full allocation of retail investors taking up the offer. I can't see that happening again. I doubt there'd be much investor interest in a 5¢ raising. I could see it being quite under subscribed.

I suspect VIC1 is all but certainly going ahead. On Friday last week, after the announcement to say financing would be arranged in October, DEL started advertising for a Project Manager. I doubt this would be happening unless financing was all but certain. As for what form it takes, I have no idea. I don't know where this leaves SA1. Hopefully the finance arrangement covers it as well. We can only wait and see.