The other question is can SDL secure mine finance if Cam gov...

The other question is can SDL secure mine finance if Cam gov drags its feet on the rail and port? The gov could drag its feet thus requiring SDL to raiser even more working capital as financiers will likely require the rail and port locked in before they finance the mine.

So the SDL board are truly over a barrel now. On one hand, if the rail and port are financed too soon, the clock will start on mine finance (not a great economic environment for SDL to be raising funds in). On the other hand, if rail and port are delayed (for whatever reason), SDL will struggle to get funding and will absolutely need another cap raising. In fact, a cap raising is a straight out certainty now.

My bet is that the board will initiate a cap raising very soon to avoid a lower issue price (and thus greater dilution).

PS loved the keys to the Ford analogy (whoever wrote that).