Ann: Special Mining Licence Awarded for Mahenge, page-11

Let's assume capex blows out to US$140m. We have seen some elements of easing in commodities and energy so hard to call right now. But for a 1Mtpa plant that seems possible.

Now we assume US$70m debt at 50%. As per the below we have US$20m of prepayments and US$35m of deferred EPCM payments. That totals US$125m. What have we already spent of the total capex payments on relocation and early earthworks?

Current cash should nearly cover the gap. We may need a raise to cover working cap and sundries. Could only be $20m though and if they wait until after some other ducks lined up mayyyybe we get it done at a higher price.

That's my take