Except they don't need the money urgently. They have the ATM...

Except they don't need the money urgently. They have the ATM facility, and they have the first tranche of the royalty funding that will get them through to the PFS. Which holds a much stronger credence than the scoping study 2 years back. The project is as simples as they come, with a simple capex and project profit. The smart instos will see that and want in and need not have to provide a discount. If they had done the raise a year ago when the SP was back at the sub 10c, and a raise done, sure they probably could've raise $10mil, and maybe added another $100mil plus to the register. That would've hindered the SP rise we've seen now, probably because the instos would've bailed by now so retail would've held the bag and the SP back to its raise price probably. Then when it comes time raise again, even more shares.

Obviously hindsight is 20/20, but if they wanted to raise that 10mil now, at the current price, they're probably only issuing half that amount of shares. My point is that, there's options for the company, and at the very worst, an equity raise to get through to the next phase. I think offtakes and royalty funding contribute a good chunk and depending on the total they need, maybe a loan or an equity raise.

There's heaps of companies out there that keep raising money, spending it then raise more and they're struggling to get their SP up because there's too much volume.

Lets see what unfolds after the PFS. If those that currently hold who aren't looking for the quick trade are smart, they'll hold on tight to keep the SP up and I'd expect a steady flow of news after we pass this milestone. The company flying under the radar because who cares about garnet, even though its used so widely. When the project gets up and running and is producing $$'s that's when heads will turn and if anyone wants a piece of it, they'll need to pay the premium to get it and we'll be happy that they werent so quick to run for an equity raise.