Ann: Early Works Expansion Funding ahead of BFS, page-14

It is at a premium to the current share price though, in the quantum of 44%. That's not something that you 'believe' or not, it's an objective fact. Just because you (and most of us here) believe the share price will be greater than that over the next 2 years, doesn't make it not issued at a premium today.
I have never seen a convertible note that didn't require repayment at the end of the term if the holder chose not to convert. They either make 7% through interest or they convert and generate a return through the shares or a combination of both.

The biggest win of this deal is this gives us immediate funding that's only convertible at an amount greater than the current share price and is therefore less dilutive than what could have been generated in a capital raising. 7% is also a pretty damn low rate for a project that still carries a decent amount of risk.