Ann: Quarterly Activities and Cash Flow Reports, page-86

Sorry gents but you are ridiculously wrong.
Read the releases, get your accountant, get your finance friend or please call WWI directly and you will see how foolish you are. They will confirm the facts below.
Your basic math is completely and utterly wrong in this scenario and to keep barking about it shows your compete ignorance.

You keep quoting the same line without understanding what it actually says. Let’s go through it properly.

WWI stated:
“…approximately 55% of all project funding… The remaining 45% of project costs will be funded through equity and early revenues.”

Here’s the problem with your interpretation:

• “Project funding” is not the same as “total project cost”
• WWI did not say 55% of the entire cost is debt. They said 55% of the funding mix
• If early revenue offsets part of the cost, you cannot treat 55% as a static percentage of $90m
• You are also ignoring the role of revenue timing, cash flow staging, and internal offsets. These are standard in mining finance

As for the DFS, yes, it includes a total project cost. It is US$50m, not $90m
That is why WWI secured US$50m in debt. They are not raising $90m because they do not need to

The equation you are pushing does not work because you are applying it to the wrong inputs
This is not about maths. It is about understanding how real projects are funded