To be fair, they were only doing an entitlement issue to raise...

To be fair, they were only doing an entitlement issue to raise funds and given the state of the sp, it's not surprising that current holders didn't put their hands in their pockets for new shares when they could have bought on market at the same price for much of the period during the entitlement issue.
I think they need to tap into a debt funder to enable the company to get some runs on the board at Kat Gap so that they can do a cap raise at a higher sp to pay back the debt funding and then do further drilling, just so that they can get out of this 0.001-0.002 range which leaves them very little wriggle room IMO.