Ann: Woodlark Gold Project - Funding Update, page-10

It's honestly hard to make sense of this complex arrangement.
As far as I can tell:

• GPR hands back to Sprott US$100M - both the proceeds for the stream and loan principal.
• To get that money back, GPR has to provide a new budget and documentation satisfactory to Sprott by 31 January 2022. That has to show the project will complete by 5 Jan 2023. Otherwise, GPR has to show how it can get more cash.
• Sprott managed to gauge out a few extra million with an additional fee and faster gold stream payments.
• If GPR goes to another lender or doesn't meet the conditions precedent to withdraw the funds by Aug 2022, Sprott gets $10M, in addition to any other break fees we don't know about.

So what it boils down right away to is that GPR has to pay a few extra million to Sprott for not progressing fast enough.

Now the worst part is that they still only have one year to complete the project. The amendments have kept the current project schedule. They just give GPR more time to 'catch up'.

So the scenarios are:

• Best scenario: GPR satisfies Sprott by early next year, then completes the project on time by end of 2022. That was the original end date. So it implies they somehow make up for the lost time, without any extra money, and nothing else goes wrong. Unlikely.
• Likely scenario: capital raise early next year to get more cash to meet schedule, no further change to Sprott agreement. Richards would be hoping there would be drill results before then.
• Bad scenario: GPR can't satisfy Sprott in the next couple of months, and has to either: break with Sprott or change terms with Sprott again. This likely means a capital raise at half the price of the previous raise, or less. Plus break fees or more Sprott gauging.

The real issue is not the project delay, but the fact the financing arrangement is so intolerant of any project delay. Schedule must have been way too optimistic.