General discussion, page-221

All this talk of inflation rates I thought I would review terms of Panoramics loan agreement with offtake partner Trafigura.

From Annual report 2021

Bank loans

- On the 3 April 2021, the Company entered into a secured loan agreement of up to US$45.0 million from Trafigura Pte
Ltd.

- The facility has two secured tranches comprising a US$30.0 million five-year Prepayment Loan Facility (PLF) and
a US$15.0 million Revolving Credit Loan Facility (RCF).

- The PLF has a five-year term from drawdown with interest only repayments required in the first 12 months.

- Debt repayments begin in the second year and are sculpted to align with project cash flows.

- Both facilities use the 3-month LIBOR as a base interest rate plus a favourable interest margin.

- There is no mandatory hedging requirement with either tranche.

- Both tranches permit early repayment without penalty.

Key points

- 5 Years

- 3 Month LIBOR = 1.24 %

- Favourable interest margin - ???? (Does anyone know what this interest rate is?)

- Both tranches permit early repayment without penalty.

Thanks in advance