looking at yesterdays announcement, page-2

I think if it is a normal capital raising that they would have waited until the JORC was released. To me it seems more plausible that someone has been keeping an eye on this for a while wanting to take a bigger stake and waiting on news on the JORC. Then seeing as the company announced that the JORC was coming out next month and that it was going to meet expectations then the investor saw this as a green light to make a move.

I agree as you stated that they need cash but to do a capital raising a month out from the JORC being released would be a stupid move imo. Unless, and these are just random thoughts so dont shoot me down, that the company puts out a fully underwritten cap raising at a significantly higher price than current value with the date for us to decide after the JORC results have been released in the hope that the share price will run up to that price on the JORC being released.

Still think my first option is the most plausible.

Only time will tell.