1.8 Billion AUD isn't cheap, especially not for a 66M company....

1.8 Billion AUD isn't cheap, especially not for a 66M company. CAP could 10 bag and still be miles from being able to finance it.

Compare GRR's 10Mtpa magnetite project (sound familiar?) at Southdown. DFS was completed in 2012. They're looking for an equity partner to buy most of it as the main source of capex finance. GRR is a 600M company with 250M cash and more coming, and even they are sitting around hoping to sell most of it off.

The real hope I suspect is a major buying the entirety of CAP after the completion of the BFS, probably for a fraction of realistic NPV. This will largely depend on macro conditions then, and whether this current stockpiling frenzy is short-lived or not.