Given the largest shareholder Appian haven't put a dollar in the...

Given the largest shareholder Appian haven't put a dollar in the company in years and have their appointed rep as PEK's chairman. Highly UNLIKELY they'll want to see the dilution of a $100m raise.

Why raise at all? They have min $6m post all the options exercised and likely many more to come post SML. Assume $10m. Plenty enough to get some big value add events sorted and get us to 30-50c.

Get the framework and offtakes and UK funding sorted. The benefit of these delays is the time all third parties have had to do their DD on us. All of these events should happen in short order. meanwhile our peers are fumbling with flowsheets and half baked feasibility studies.

the big $100m raise you're expecting wont happen till the debt funding is sorted. at that point we're 50c+ so who cares.