Not quite - before adding on the A$22M cash from the CR and SPP...

Not quite - before adding on the A$22M cash from the CR and SPP you need to deduct the January cash spend which was -$9.8M:

31 December 2023: A$15.87M cash balance (per quarterly)
31 January 2024: A$6.0M cash balance (per raise pack)

They'd sunk in US$27M (A$41M) at the end of January which according to their own budget left approx. US$101M (A$154M) to go. If they stick to their Q3 timeline that's a lot of cash to spend each month across the coming 8 months, assuming they incur most of those costs in say the next 6 months. I think that explains why in the context of Glencore taking their time JP made the comment "we are thinking about different scenarios" at the Tribeca conference. My guess is that they need to come to a resolution - either with Glencore, or via another means - before they release their March quarterly at the end of this month.