Consolidation doesn't make a difference to the MC, 3B shares isn't a huge amount, maybe if they hit 10B like SYA for example, that might be a bit of an issue.
If IPT hit the 500M Market Cap, I'd be happy with or without consolidation. There will be dilution of shares to get the project kicked off, considering the whole 200M (approx) capex. What they probably don't want to do is a CR when the share price is this low.
So how about a consolidation with a CR to get into production (after the DFS)?
Hitchhiker’s Guide to IPT, page-201
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