The funding has to be a combination of off-take funding, debt...

The funding has to be a combination of off-take funding, debt and equity raise. The question is to the level of dilution.
On the topic of the quarry being bought with conditions in favour of Mt Carbo Quarry, in case they haven't followed the SEI tungsten story, let me refresh it:
Mt Quarry Carbine has a quarry business probably worth anywhere from 2-4 million (as these businesses are difficult to value as there is always an official and unofficial component). Mt Carbine Quarry also has the Mining Leases along with 60 percent of the landholdings of the mining leases.
SEI has had a sublease with MCQ and last year failed to purchase the project from MCQ.
Now anyone with some intelligence would recognise MCQ would hold the upper hand in negotiations as they have the key to unlock the production of an existing Tungsten Resource, not taking into account any exploratory success at Iron Duke and Peterson's Lode.
Hence, SEI would always have to overpay for the Quarry business and Mining leases and landholdings. Now sometimes, to have a large benefit in business one must pay a small sacrifice.
the key is July.