Ann: Paulsens Refurbishment Progress - April 2024, page-57

Looks like management has found a better local debt option. Should know in weeks. Good timing. If China suffers delays, then you want to just get it done here. I see this as a big positive. Gets it out of the hands of a slow govt. I assume the recent gold price spike must have increased their options for funding. That's the bulk of the money. This thing is smelling awfully close now. Nice to see they have actually reduced the cost of the refurb. That shows us the management has always been conservative in their numbers. The debt also provides them with optionality for development. I'm feeling better already. Super strong underlying numbers with this gold price. It's a cash cow as the Chairman stated. Dyor