General Discussion Banter GLN, page-14303

This is my assessment, too.
In addition to the risk that they won't be able to raise finance, is the risk that they do secure finance but eliminate all the medium-term upside in the process.
They might actually be better diluting through to the completion of Phase 1.
They can't argue that Phase 1 will unlock the ability to 'finance' Phase 2 and 3 (and unlock their other tenements) if they can't actually generate strong positive cashflows (i.e. because Glencore is taking all the upsides). And these commodity traders aren't known for being generous/merciful.