Ann: Quarterly Activities and Cash Flow Reports, page-90

The funding requirement isn’t static or upfront; it moves with time, inputs, and performance.
I’ve added more scenarios below to help make it clear. You can’t just fix $90m (or any number) as the gap. This is a staged, multi-year build where gold prices, costs, and early revenue all move.

That’s what the model reflects.

WWI Project Funding Scenarios
(Gold Price, Toll Cost, and AISC in USD/oz. Equity/Revenue Required in USD millions)

	Scenario	Gold Price	Toll Cost	AISC	Equity/Revenue Required USD $M
	Base DFS	2,200	60	962	19.35
	Higher Gold + Lower Toll	3,200	50	900	15.75
	Lower Gold + Higher AISC	1,850	65	1,050	24.30
	Strong Early Cash Flow	3,400	55	950	13.50
	Low Gold, Low AISC	1900	55	890	21.25
	Flat Gold, Low AISC	2200	60	880	17.60
	High Gold, High Toll	3300	70	920	17.90
	Flat Gold, Higher Toll	2200	70	960	20.80
	Very High Gold, Stable Costs	3600	60	950	12.25
	Rising Costs, Flat Revenue	2200	68	990	22.95
	Low Gold, Max Cost Pressure	1800	75	1080	26.10

If you think this still adds up to $90m, show your model. Not a guess that a 9-year-old child can come up with the same answer as you.