I certainly take your point, and I was being a little facetious...

I certainly take your point, and I was being a little facetious with my comments. My point being they raised $20m in an afternoon (give or take depending how the SPP goes) so I don’t accept that this is a dead duck without the Glencore deal. Their overheads are very low and they could slow down development work to stretch out the cash if needed. One or two similar raises within a year, and/or the sale of non-core assets and/or something like another Acuity CPA would see phase 1 get over the line imo. It’s not an insurmountable CAPEX requirement for this type of project. And that is worst-case. Don’t forget they still have a binding offtake with Glencore even if the finance falls through so that should help secure other forms of debt if needed.