If they develop Odysseus/Cosmos, it is staged development:...

If they develop Odysseus/Cosmos, it is staged development:

Funding requirements Funding requirements in FY17 and FY18 are relatively low, totalling $26m which is mainly capital expenditure for the DFS and de-watering activities which includes decline infrastructure rehabilitation. If approved by the Western Areas Board, capital requirements in FY19 and FY20 would be $48m and $59m respectively. Peak cumulative cash draw‐down occurs in FY21, totalling $220m, inclusive of working capital and this coincides with the first year of production (CY2021). The Company has a demonstrated ability to arrange finance as required for development of its projects. The near to medium term funding requirements can currently be met by the Company’s cash reserves.
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With the amount of cash WSA has (and that's increasing), you'd barely notice the spend. There's the potential of no debt needed, or a small amount only. No capital raise of any kind should be needed for years. WSA also owns $10m/5% of KDR, which could be taken over, I guess, if their court case goes ok. Every cent counts, but WSA is in a terrific position.