You'd think they would be thinking to raise after another $1m is...

You'd think they would be thinking to raise after another $1m is spent right? How close will that be after this drill is paid for?
Best option is they push for the performance shares and get some options converted along the way. But reality is most don't exercise options until nearer to expiry.
BSX could exercise theirs and then a nice little pump into their escrow expiry.
Not saying a CR is close, but a majority of folk watching this one will be expecting it, that's just the way it is in spec land. Once a junior is down below $2.5m they prefer to wait for a call from their broker than buy on market.
They will also see the links to PAC Partners and assume it'll be a discounted raise with options. It's for Shannan and Co to show them otherwise.