Who will put up the funds?

With the possibility of the operating costs being $200m more than included in the DFS, the $100m loan omitted from the cash surplus, no provision for loans or dilution to provide the $64m to complete the plant to +ve cash flow and a host of other unclear costings/assumptions (no provision for contingencies, for example, or shipping costs from Townsville, or commissions to COW) the risk to anyone putting in more equity seems great that it would never be returned.

What is the risk to a lender? How will they view the DFS? Is it a BFS? Huge risk No. 1 is obviously that the $64m won't be enough. I bet there is no contingency in that figure either, for all the old plant not working immediately, requiring replacement parts or redesigning - none of that is covered by any guarantees. CDU is on its own with the commissioning if there are problems. And any delays will require more working capital as the time to +ve cash flow is pushed back.