"If they can't, then the $5m they are about to raise would be eaten up (and some more) by the debt to CL. Could be a few more capital raisings ahead."
In this point you are wrong.
Graphex has now 2.4 years time to develop the project (I guess with the chinese) or to sell the project
"Undertake and manage the Chilalo Process - the Chilalo Process will consider multiple transaction
forms, including a refinancing for project development, offtake related financing, earn-in or joint
venture arrangements and a sale (full or partial)."
In the worst case they can't pay 6.5 mio USD to castlelake end of October 2022 castlelake gets the graphite project. But that's it, Graphex has no longer 6.5 mio USD debt then.
The 5 Mio AUD coming from capital raise and existing 1 mio cash, so 6 mio in total, are only for graphex and for developing of the gold projects.
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