KIS will use the funding (from issuing new shares priced at 20c each), to pay off term debt of $4.7 million, plus accrued interest, which the company had previously incurred in acquiring fixed property adjacent to the Dolphin mine site and as working capital. 

KIS started the current quarter with $1.76 million. 

The company also suggested the strengthened balance sheet put it in a "much better position" to negotiate the debt funding needed to develop Dolphin. 

Feasibility work last year put the initial capex for Dolphin at $72.7 million, with the project having a pre-tax net present value of $241 million. 

While redeveloping Dolphin has been on the cards for the past 1-2 decades, the current geopolitical backdrop is strongly supportive of new supply ex-China.