tick tick tick kaboom, page-5

More on financing:

If I remember rightly, the company has its own drill rig, which reduces drilling costs. The company has already done work on the site - it has constructed a lab and bought trucks, etc. So the $5m is for completion. Also, they have a stockpile of ore already, which they can sell for further development. And some of the 3c options will be converted later in the year.