Running the ruler over CLQ

I'm running the ruler over CLQ. Coming more from the Sc space (a disillusioned PGM holder who still believes in Sc).

My thought however is a CR is imminent - talking round numbers:
Cash on hand March 31 = $2.6m
Current burn is approx. $1m/qtr
Say approx. $1.7m on hand now (end of June)
$1.2m due to Nippon in September
Leads to imminent shortage of capital, hence a need to tap the market - likely the shareholders.

Am I missing something in the above logic?

If a CR is required the question is when. SC bulk sample and pilot testing through July / August to hopefully drive an offtake agreement is a key activity in the near future - ideally the CR would occur after the market digests a positive outcome. Of course risk is that it doesn't go so well.

A nice thing about CLQ is the water business - can anyone point me to activities in the water space that have the immediate potential to improve financial outlook or change the timeframe for CR?

Cheers