Ann: Funding Update for Wiluna Stage1 Development, page-26

Common @AHendo, it's no that bad. WMX have got plenty of breath left.

There's stacks of low grade stockpile from Williamson to process (at 31/12/20 it was 1.2Mt @ 1.1 g/t according to the Dec'20 quarterly) & also a healthy gold hedge of 14,000oz @ $2674/oz (from the end of Mar'21) maturing in equal monthly instalments by 31/07/21. There's also heaps of space below $1 for more CR's if Mercuria decide to walk away from a future $40m gold swap. My guess is production of concentrates will be up & running by the end of CY2021 / early CY2022.

One of the sticking points for the $40m gold swap (future) is probably how many ounces will be involved. According to the CR presentation from Feb'20 it was 175,000oz over a (4) year repayment period commensurate with production profile. Maybe Mercuria wanted more gold ounces involved (with consideration to the drop in POG) & the $40m has been delayed. Just a guess.