Wow! I was expecting this sort of sell off once the quarterly...

Wow! I was expecting this sort of sell off once the quarterly came out and only if we'd seen no further news on financing. It'll be interesting to see how much further it falls after the quarterly comes out...

A decent risk-on market rally with broker spruiking might be enough to get the options in the money but highly unlikely in current global environment. Offtake pre-payments and debt finance may still be part of the solution but won't be enough to fund the project.

Equity raising becoming more likely by the day. Placement at a premium still isn't off the table given the value to be raised (ie. only $8m @ 9.5c VWAP currently on offer), but equally likely to see a heavily discounted raising also.

If they raise the full amount required to finish the mine then the financing risk evaporates and the valuation firms up 20c+. Even at a very heavy discount, that valuation would dilute to 10c+ which is still well above today's price. Still a buy in my book but disappointing.