Management is so nervous about not diluting that it has said it will not issue more equity. IMO this is a very big mistake because dilution is already discounted by the market. I suggest something like a 1:3 rights offering underwritten by a friendly party, So there will be 400 million shares issued but so what - there will be cash flow in a year and the rights will be a great investment at current prices for the people who take up their rights and for the underwriter. At some point the shares can be cut back.
A rights offering is the best way to go with the downward trend in the POG.
Debt financing would probably require selling forward a significant portion (majority) of future F2 gold production for the life of the loan. This will insure that there is enough cash flow margin for the loan to be repaid.
Adamson needs to eat his words and move forward with a rights offering. With the stock price drifting downward, the longer he waits the more expensive the financing becomes.