It's collateral against the deal IMHO - if they make it and...

It's collateral against the deal IMHO - if they make it and the money to Glencore and GH are repaid Austral will continue to own the assets .

I'm no expert but this is how I see it after reviewing it a few times

- GC & GH pay the debt
- AR1 produce what's in the heap leach to build a working capital .
- AR1 continue to produce based off liking stick piles
- AR1 take (assumptions) 1/3 GC 1/3 GH 1/3 of profit until the debt is paid .
- AR1 at some point has enough working capital to start mining and start the sulphide DFS .
- The Anthill assets are taken as collateral until they he debts are repaid . There was also mention of some convertible notes in there for Theiss also so to say the deal is leveraged is an understatement.

Feel free to critique for me the copper price is crucial here if it stays high in a few years this will be yesterday's news and they hopefully will be monetising Sulphides .

GM TT