Ann: Crawford Gold Project - Raptor Funding Update, page-8

How so? I have potentially interpreted it incorrectly hence why I'm scratching my head and why I've posted looking for a sanity check.

My understanding is they get 1 for every 3.25 ounces on an assumed production profile of 11,000 ounces (capped). Which gets them 3,384 ounces. For an au price $4,600 I get $15.7M, which is less than the $17m they've leant (excl the transaction fee)

Unless raptors ounces themselves are capped at 11,000 ounces, which is where my interpretation might be wrong? Which would be a payback to raptor equating to $50.6Mish. But even so there goes a good chunk of the inferred resource and NPV.