Ann: CALIDUS SECURES $110 MILLION DEBT FINANCING FOR WARRAWOONA, page-48

They had 25mil cash end of Sep2020 quarter so I suppose it depends on how quickly they spend that cash during the first part of construction as to the timing of a CR. Admittedly they just spent 2.5mil on first BlueSpec payment and the works they are doing look substantial so yeah maybe CR needed by Q1 2021? Timing is close BlueSpec payment March2021 Macq first drawdown "Q2 2021" per Crux interview. There is only a few months in it, so maybe they will bring first drawdown of Macq funds forward if they don't have sufficient cash on hand and market conditions don't suit a CR at the time.

PS: I'm quietly confident that gold and gold miners will be noticeably higher by next Feb/March.