Sydneysider,
You overlooked their recent announcement that they have organsied some large shareholders to convert their oppies early. This will put about $2.5M in the bin.
Sprott is expected to come in as well and that would likey be about $2.5M but this would be a placement of course.
The recent retreat in the share price is pretty disappointing but the project hasn't gone anywhere so we'll see what happens next I guess.