Ann: NCZ Secures Landmark Royalty Deferral Agreement with QLD Gvt, page-3

Positive for the company however the QLD govt had little choice. NCZ can’t afford $10-15M royalties for the past year and would have needed to undertake additional cap raising again/pushed them into administration. With the increased volumes it would be around $30-40M. So all up around $80-100M in royalties over the 3 years that will need to be paid in the subsequent 3 years (if they make it) as well as the royalties for that period. Still subject to execution of terms (whatever they are).

Still going to struggle with the zinc price and the TCs and it doesn’t look like it is going to improve anytime soon.