It’s basically a play on Shariah finance and gold price speculation/accretion. Instead of interest, holders of the gold notes (which Quantum sells to end investors in Malaysia) get the gold equivalent price on production.
So today in the recent 10m note the investors got a 5% discount to the spot price (Quantum pockets 5% as does the third party who bought the deal together) while the note holder will get the gold price in say 2026. In essence the financing cost to Besra is the 15% discount to spot prices.
Does that help clarify how this works for you?
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