They pushed ahead with mine development and associated capex...

They pushed ahead with mine development and associated capex without due regard to raising the necessary capital, believing this would simply be doled out to them. They likely put too much faith in the 10c options being in the money by now and then when it became somewhat apparent they wouldnt needed to pursue finance rapidly. From this weak position they took a very expensive debt deal, which has now fallen through due to inability to raise capital (perhaps).

thats my opinion on what they have done wrong anyway.