Q at 30:50 - any capital raise at these levels would very...

Q at 30:50 - any capital raise at these levels would very seriously dilute shareholder value
A at 30:55 - "It is a question I face every day ... since 2019 Management has contributed 2m in capital" (no recognition of management's self-awarded shares) ... markets, blah, "we need these systems deliver better grades" - spot on!
"Key is raising capital at a fair price"
35:06 "There is a sense that a capital raise is not something we find highly attractive at all, we will continue to deliver with the funds we have".

It is going to be critical going forward that Dan keeps his word and not only avoids a capital raise and finds alternative funds but starts to deliver - especially the better grades.