Ann: Finance Facilities Update, page-12

Agree about financing is critical. That is why today's announcement is good news. Just another obstacle that has been jumped with a long way to go in the steeplechase yet. If the IRR projections are met or even just get close to those projections then the high interest rate is temporary and academic.

Agree with some of your cautious sentiment relating to the 'if' part. However, that is what you get to face with explorers moving through development and into production. Getting hands on the funds is the name of the game. Then making sure the business plan has derisked as far as technical and marketing risks go is the underpinning factors to consider. Obviously those factors are what the debt funder is doing their DD on right now.

If and when the full funding package is announced as approved, one can say that the debt funder has done all the hard analysis for the investor. It is a critical pivot point for VXL investors right now. Either take the punt or go elsewhere for the hunt.

Cheers