that's not correct from the PFS Northern only require $314M in...

that's not correct

from the PFS Northern only require $314M in capex

and you say CUX require $156M in capex

now lets see what the market is telling us .....

Northerns market cap is $72M, so $314M divided by $72M = 4.3

so Northern need to raise 4.3 times their market cap ... something that is achievable

next lets look at CUX with a market cap of $2.5M, so $156M divided by 2.5M = 62.4

so CUX need to raise 62.4 times their market cap ... appears unachievable to me

Also Stoops, CUX appears more likely to be taken over at a fraction of the cost, than to be funded by any one that may want what they have, as the following confirms:-

"The ratio of market capitalisation versus capital expenditure will influence a company’s ability to raise capital through shareholder equity dilution which for most company’s listed below is very limited and impracticable. The only potential source of project funding is from industry groups and off-take partners, and securing a strategic partnership has been a key focus for all REE developers.

Notwithstanding the technical issues potentially facing some projects, it seems unlikely that any industry financier would fund project construction for a company whose market capitalisation is only a fraction of the total capital expenditure. A takeover offer at a modest premium to the market value will likely secure a 100% interest. There is no incentive for industry financiers to fund project development with a huge mismatch between the financier’s equity interest and capital provided."

Source: page 12 on the DJ Carmichael Pty Limited Institutional Desk note on NTU dated 28 Feb 2013