I agree they will let this run to 20/25c (and it will do so...

I agree they will let this run to 20/25c (and it will do so quickly from this point) before they consider a raise, main reason is at 12c+ there will be a flood of option conversions and by Sept 2022 all things being equal we have an additional $20m in the bank.

Now if this thing plays out to the end then it is more likely that we get a big player coming into the picture and putting funds on the table for a piece of the action without the need for a cap raise. You have to remember this site is now significantly de-risked and there absolutely must be some big boys keeping a close watch and ready to pounce for any number of reasons if we have the goods, especially if they decide to block Russian oil and gas sales.