Ann: Change in substantial holding, page-8

The fundamental issue is the company is not on track to generating enough cash to repay this loan in 2 years time. The $300m facility with its senior secured status and lump sump repayment plan is very powerful in the hands of bankers to extract pounds of flesh if the company cannot pay up. Technically company assets can be required to be sold off to pay back this loan. Even if Mcphillamys gets approved now, it will be difficult for the company to source finance to build it.

This doesn't hurt company management, they still get their wages and renumerations. Don't be too bullish with that large share holding thinking it cant fail. Operating costs being so high and gold price falling is not a great combination.