I think what this means is they get paid an upfront cash amount...

I think what this means is they get paid an upfront cash amount of A$26M and then they repay that with 9000oz of gold, currently worth around A$35.7M. That's nearly $10M of interest on a $26M loan - pretty hefty (roughly 18% per annum on that piece of the funding). That's not even including the life of project gold stream (after the initial 4.25% stream of 5000 ounces is included) or the warrants or the value of the gold options. This is expensive debt by any measure, but that's what they obviously had to do and follows what they say was a competitive process. I think the comment about no mandatory forward gold sales is a bit rich given that is exactly what a gold loan is - they've effectively hedged 9000oz at whatever the price is that is set at the time of finalising the loan. Still, all up a good outcome as it gets them into production which is the big hurdle. Best of luck to all holders.