The value (and thus share price) of a company is driven by the...

The value (and thus share price) of a company is driven by the value of its assets and their earning power.
Not the capacity of its shareholders to stump up more cash on demand.
This company did a bad job on the capital raising IMO, but it most certainly has enough keep drilling and hopefully will continue to add value.
It will also continue to raise more cash as necessary, as the project is good enough to keep avenues open for more fund raising.
However next time it should be of no surprise to anyone that they bypass existing shareholders to raise funds.

Bob, we have had different opinions. Good luck with the next one.

Gosouth