Raising funds by issuing shares to a major is is still a...

Raising funds by issuing shares to a major is is still a dilution. Selling a farmout is better in the circumstances but is a dilution of a different kind. Selling off a licence with a royalty retained is kind of desperate. Which jurisdiction do you think that could be - Australia or Korea? Apart from Cannon (which is needed for cashflow) there are no results in Australia to attract someone. Korean licences not already part of a JV are not very attractive at present.
WGX owns a mining company working in the area that was purchased after the earlier agreement with SAU over Cannon underground. WGX also has processing plants in the vicinity. I would not dismiss the possibility. I have not researched but who else has a processing plant within proximity to Cannon?
Given WGX's current cashflow issues, they will be very receptive to a new contract.
I would think that immediate mining is hardly on the cards because SAU has said it will be carrying out new mining studies and so will want results from these before negotiating new mining and processing agreements. Of course, SM and the Board may feel sufficient funding pressure to do anything in the near term.