sp build, page-6

PNB,
Even the concentrate route will need SOME capital, though less than a full processing plant. As I've noted before, CQT's PFS announcement said

> Upfront pre-production capital cost of approximately A$110m

However, the key questions re capital-raising are HOW MUCH? and WHEN? I would think CQT has more than enough cash for now, but even with their cash in the bank, it's unlikely they could/would fund the rest of the $110 million via debt.