Town hall meet10 Dec 2022 10:08
I thought I would change the heading .
I did ask the first question to Shaun when he started talking about the debt and first drawdown.
I asked if the Feasibility Study was not issued till later can he drawdown .
He said he could drawdown now.
I replied that’s not what it said in the RNS
“ Whilst the Company and the Banks have entered the Commitment Letter, financial close of the proposed facility and draw down is also subject to customary project financing conditions including completion of reporting requirements, Feasibility Study criteria and agreeing final documentation.”
He lost me in his reply but went through what that statement meant.
I still don’t see how we can draw down now without the FS.
As been discussed elsewhere and on the RNS the $50+ m NCM loan will be paid off first.
He won’t pay back the loan until the FS and legal papers are finalised, and rightly so that would have left us vulnerable.
Look at it from NCM point of view:-
If they issued the FS in Jan/Feb they would receive around $55m from Ggp on completion of FS and legal papers.
Why delay it?
It can’t be just to get one over on Ggp, they need cash, their shareholders are stirring for more dividends, their own position is under threat from a takeover.
It has to be the mining plan had changed to suit the future plans and probably Jimmy Wilson has gone in and thrusted his views on it.
Remember we had no one to insert any views when the PFS was issued.
This is a major change to the mining plan, I don’t believe it will be an increase of the 3 mt plan, the decline has a limit but the rearrangement of which zone or zones it comes from and future phases.
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