Don't forget that GXY bought just under 5% of A40 as well before...

Don't forget that GXY bought just under 5% of A40 as well before the CR with the intent to creep up on the register without being a substantial holder.

That was when there were around 1.25 billion shares on issue and we can assume an average of ~30c for the corresponding period.

Assuming a 4.9% interest, that gives us another 18m$ being sunk in A40 on top of the 22.5m$ of the capital raise.

That's a rough total of 40.5m$ invested in equity, 41.1m$ invested in the debt, 81.6m$ total.
That's a lot of money for a plant operating at a loss and a small size, low grade resource.
And it's a possibility that there is more spending to do, the tenements map surrounding Bald Hill is full of Cowan everywhere.

As GXY said several times, the investment was always about the resource and specifically the potential of the tenements.
Whether they were right or wrong to make a move will only be known in hindsight after some exploration is done.

Until then we are just speculating.