This is quite unrealistic IMO. The number of small companies...

This is quite unrealistic IMO. The number of small companies building megaprojects with pure debt is essentially zero and for good reason. The debt serviceability is extremely poor, and debt financiers generally put in numerous terms requiring equity investment as well which hedges their risk by involving cash rich investors who have material interest in the project progressing.

They said the pitch for 60/40 is long gone, its more likely we get something like 70/30 or even better.

The real question is not if we get equity, its what it looks like. For example mezzanine debt, government equity or some other shareholder putting in money in a way that it doesn't materially dilute us (e.g. raising at a significant premium with locked long term holding rules etc). Even royalty financing or government grants are options which dont dilute the shareholders.

I really have no idea what will come out of the financing, for me its by far the biggest risk at the moment, because if you dont do anything clever, this company just ends up with 3B + shares and you instantly lose half your money until we double the market cap...