i think most long term holders are aware of the merits of the...

i think most long term holders are aware of the merits of the project and the work methodically executed and the importance of POSCO qualification and continued company support on the register. The concern is the likely capital structure if a major raising occurs.

You mention that "they need to be at least 90% below their share price highs to make the risk/reward worthwhile"
One observation to note though, from memory the mkt cap for BKT at all time share price highs in April 22 was approx A$300m. Hypothetically If they issue ~A$200m in new shares and the total mkt cap is now ~A$250m are you buying close to all time mkt cap high