I like to think they can do better than mega-dilution to fund...

I like to think they can do better than mega-dilution to fund the BFS - perhaps partial funding in return for a share of the cake (a.k.a. offtakes) along the lines of what Mitsui originally wanted to contribute to the BFS?
But even if this dilution should eventuate, IMO dilution is not the end of the world, and in the absence of income, it's part of the natural life cycle of a junior. If a cornerstone investor got in for the long term, all the better.
All in all, I much prefer dilution and a clear path to progressing this project towards production to no dilution and stagnation. I think this will fly once the path forward is funded and credible. Ultimately the underlying asset value will prevail over traders or large holders selling out.