Ann: Drawdown of IMC Debt Facility and ASX Waiver Granted, page-57

It's a matter of proportionality.

Yes, an increase in debt but its manageable. MOY $25m-$35m / GCY $124m

Private financing but the asset security is not for the whole asset but rather it can be paid with equity in the case of default. This is how mezzanine finance works.

The path forward needn't necessarily require further raising if the company pulls off its plans. The risk versus reward owing to the decline in sp/mcap makes it a more reasonable proposition.

High AISC is owing to development cost of a high grade underground mine. Its not inherently high. Check GCY with 12,000 ounces production per day quarter with AISC of $1850.. MOY is much higher production and lower AISC, which should finally reduce.

Indeed MOY is ripe for a takeover, hopefully at a premium to these levels. That plant has potential.