"Total initial plant and infrastructure capex estimate of $A127M (plus contingency of A$4M)" "Combination of Debt (55-65%) and Equity (35-45%)"
So $76 mill from banks & $51 mill. via some form of raising but "Debt process to be finalised and completely de-risked prior to equity" so my take is that the share price will be way higher once confirmation of backing by the banks then they raise, otherwise (and you are correct) the dilution at THIS LEVEL will bog them down.
Ann: Karlawinda Optimisation Study Delivers Increase to NPV, page-43
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