25 Working Days will determine RNI future, page-59

SM - I think stream lenders = gold loan = technical risk against gold production so lender would have to be happy that the gold is actually going to be produced. Also gold loan usually means bank. Straightforward dollar debt is probs simpler.
Also banks likely to demand hedging in place in this credit environment to even consider a loan of any size. Hedging may be a problem for BOD?
Biggest problem though? For traditional debt funding expect bank to demand 30 - 40% of total required funding to be equity. Common condition is that equity raise must be completed before any debt can be drawn down. The word "bank" does not appear in any anns re PF but so what except it suggests, with the other factors, that traditional bank debt probs not there.
Ave qtly cashburn (expln+devt+admin) last 8 qtrs is $3.1 mill ($2.5 mill over last 4 qtrs). Admin alone averages $0.5 mill over last 8 qtrs. Interest on T2 debt is $0.6 mill per qtr.
Cashburn demands means underlying potential asset value may not be an issue - you want the money? Then here are the terms......
Good luck all - tough times.
DYOR