10m debt funding 10yr offtake w noble group, page-34

You are probably looking at it too negatively. KAB needed funding. They got funding (almost).

Discussion will rightly move to Noble Group now, until we get final payment. Research them, their size, capabilities, similar deals, etc. You should come to the conclusion that they aren't wasting their time. They didn't advance KAB $500k and propose this deal with the intent of walking away. So the staged payment of $5.5mil looks 95% over the line imo.

At that point they have $6mil which is easily enough to start shipping ore as per our commitment to Noble.

Once you have established that the deal is going through, then you need to think of fundamentals. Transport costs will be the biggest issue and limit the margin.

Although they didn't mention the interest rate, atleast they mentioned the price for the offtake. Without that, the market would have huge concerns. Especially when Noble state their goal as "sourcing cheap metals/resources". What's cheap?

But I agree with you. They would have expected more sp support today. But it will come when the $5.5mil cheque is banked.