why it pays to be fully funded, page-3

Backofbeyond, ABU has a lot of flexibility.
GH has 113kt for 59,000oz at 16.5g/t FROM SURFACE with wide intercepts (low strip ratio).

The current plan is to blend it with ore from lower grade zones but they don't need to do so if they need to increase cash flow early on. If that's not enough, GH has a high grade core of 49,000oz at 45g/t.
They have enough cash to get into production at 150ktpa without the need for the ANZ facility.
At the 16.5g/t grade they would be able to produce from GH for 9 months. There are plenty of other areas that can match that grade from surface to extend well beyond a year at similar grade. At that grade from open pit and from surface to 60ms deep at GH, gravity only processing, cash costs will be very, VERY LOW. 73,000oz would be produced over a year. Even allowing $16mill for admin/exploration/ongoing capex would leave a very conservative $60mill. Exploration will likely be reduced early on to improve cash flow until the bank balance builds so the number would probably comfortably exceed $60mill.
I think that would not only more than satisfy ANZ, but it also shows the flexibility this company has and that the ANZ facility is not even needed. It just adds to the flexibility.
Reality is they will blend and still make a lot of money over the first few years until more resources are defined. Later years will see higher strip ratios as they go deeper but larger plant to bring economies of scale and higher throughput for more ounces per year.