Correct me if I am wrong.... but I think they need 68 million in total so they will need to raise 48 million?  Regardless it is not the amount of money they need so much as these two factors:

1) during the construction of the mill all efforts or most will be spent in building the mill and little or a whole lot less in expanding their resource so in effect the news flow will dry up with little to push the stock higher.

2) they will be pressed to meet deadlines and any delay will be disappointing to investors who will lose confidence that the company will be able to reach their startup date as promised.  Retail investors lose patient as the stock withers in its share price.

3) there will be a dilution of shares to reach their financial goals and should they attempt to define their resource by drilling along with building their mill there will be more than 48 million raised.

Regardless the natural tendency of the S.P. is to drift lower and to go through a period of suppressed price with little appreciation. 

In the meantime the S.P. will appreciate in the direction of $2.00 and higher as they derisk the project and complete a feasibility study.  When the feasibility study is completed expect the stock to sell off slowly but to drift appreciably lower.  That is the way of the explorer to producer goes.

upper