That (project level) would be the best outcome for...

That (project level) would be the best outcome for shareholders,but to be frank,I don't see it happening.There is zero evidence that this board has the ability to stitch together that type of deal and plenty of evidence that the easy option(dilute current shareholders into a statistical insignificance)will AGAIN be taken to the advantage of the board and not shareholders,as evidenced by the last CR.
Given that TNG will be firmly over a barrel,when it comes to financing this project,If I was part of consortium being approached there is ZERO,repeat,ZERO percent chance I would even read a proposal to fund at project level unless it was a controlling interest,i.e. > 50%,and even then it would only be a light perusal.TNG need the money more than the financiers need to spend it, that's just how it is.
Given that an AIM listing is being investigated,I would suggest that the board has seen clearly that funding the equity component at project level is approaching impossible and that significant amounts of TNG shares will need to be created.