Ann: Expansion of Scope of Peko Contract, page-5

The 1.7 million is not just paid to them. It is to purchase their equipment. Also, this amount paid by Elmore will be "treated as a debt to Peko Iron and will be secured by an equal first ranking general security over each of the subsidiaries and converted to equity on commissioning."

What did you want Elmore to do? Write off the $660,000? Isn't it better that they have transferred that debt into greater equity in the project with the potential of greater profits?

Who knows how this will turn out. But there is a chance this will work out better.
What I didn't read was when the new monthly fee (15,000 = GST) kicks in.