There was always going to be an equity raising component....

There was always going to be an equity raising component. Anything thinking otherwise doesn't understand finance.

Why would a debt provider take on all the risk with a non-operating minnow saddled with near-term maturities? You are negotiating from a weakened position from the get-go.

Capital markets are much tighter now than when the Mango Mambo bloke was tripping the light fantastic.

Key point here is that they have now successfully addressed the near-term maturities - with the extension of the con notes to the end of 2028 and this facility to pay back the Nebari facility due at the end of this year. This is a major derisking event. We can breathe a sigh of relief that the company's ST future isn't at risk (which it very much was until these maturities were dealt with).

Until we are actually generating cash, this remains an option on the copper price (which is currently around US$4.20/lb).