So how are they going to pay all their staff, their Board, their exploration costs, their ASX fees if they go spending all their money on CAPEX? They've flagged roughly ~$5M worth of drilling in the near term, and last year they spent $11M as per your link. Is this all coming out of this imaginary stockpile of infinite cash the company has? Where is the money to keep the lights on? That total cash pile only gets smaller as they continue drilling, paying their contractors and whatever other obligations they have.
Ah yes, the classic "1 month in advance" strategy where they built a plant in 28 days. Production is 2 years away assuming nothing goes wrong, and construction and commissioning is going to take at least 12 months. Show me a company willing to part with $30m+ in cash for an 18 month wait for product, for a project that isn't constructed yet. You will only find one, and that will be their partner in the project.
Again, straight from A11's website, "funded for $103M" while requiring $193M in capex. The dots are there, you just can't see them.
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