Ann: Quarterly Activities and Cash Flow Reports, page-50

Sighs heavily... here we go again. Project Finance 101

The "$50M = 55%, so 45% = $40M" logic falls apart because it assumes fixed inputs. But the 45% portion isn’t a static number. It flexes based on gold price, AISC, tolling costs, and early revenue performance, all of which change over time.

WWI Project Funding Scenarios
(All figures in USD millions)

	Scenario	Gold Price	Toll Cost	AISC	Equity/Revenue Required
1	Base DFS	2,200	60	962	19.35
2	Higher Gold + Lower Toll	3,200	50	900	15.75
3	Lower Gold + Higher AISC	1,850	65	1,050	24.30
4	Strong Early Cash Flow	3,400	55	950	13.50

Surely you can now see how the number behind the 45% moves depending on inputs, especially across a multi-year funding structure.

That’s your answer.

The $50M debt package is structured to cover peak drawdown and includes interest, buffers, and lender contingencies. The remaining 45% stretches over time and adjusts to actual site performance. It's not needed all at once. And it’s not locked to a single number.

It’s not a riddle. It’s called project finance.

TrendTracker Disclaimer: These figures are indicative only. They are designed to illustrate how project finance structures adapt under different operating scenarios. They do not represent updated forecasts or official numbers from WWI.
Please don’t run off quoting them like gospel. The company will release final terms in due course.