IMO they have specifically put "funded" next to those listed objectives on page 13 to address this CR speculation. I do not believe they will do a CR until they progress this through to a point where the off-take customers deem that it will, in time, be commercial.
If the off-take customers then decided to hold back on that funding (for what ever reason) then yes I think a CR might be more likely then.....as cash on hand would be quite depleted.
But I do not think this presentation is for the purposes of spruiking the share price into a CR.
IMO and I could be wrong. But I know management will do anything to avoid dilution.
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