Protagonist,I tend to agree with you and see this as...

Protagonist,
I tend to agree with you and see this as articulating something they (Management) probably knew already.... that being the project isnt there economically (IRR/NPV) with the resource base and therefore reserve tail to make a palatable debt package. Solution is wait for economics to improve on their own (i.e. metal price increase without comensurate opex and capex inflation) or extend the resource base and therefore the ability to service debt and have more flexibility in funding.

Taking the second option (drilling) which they started a few months ago leads directly to the door of capital raise as you note. I dont disagree that one is coming over the next few months. It is (capital raise) the only reason I am looking at this now. Literally grabbed "minimum chips" purely to be there if they do a well-discounted SPP. I would not dream of buying a meaningful stake here as I have confidence that it will not continue to sadly slip away, hell already undeerwater. The risk of buying a couple at low double digit cents is worth it to me purley to be there if there is a snap record date for SPP. If they do a convertible note its death and i just exit via comsec and lose a few bob and write it off to experience.....

Drilling V cost cutting? My call is at least they are fighting (drilling) rather than waiting. Here i have a slightly different view than yours in that cutting the costs to the bone still never gets it to 'zero' with a listed company so the cash bleeds anyway. Give it a shake, spin the drill, maybe it works, maybe it doesnt but at least put people out of their misery, internet arguments can go on for a long time otherwise.

Regards
DC