Ann: Investor Presentation, page-28

My best case preferred option would be to:

1/ Backend the capital debt repayment for the next 12-18 months to the end of the current term, which makes it interest only for 12-18 months and then capital repayments also restart at the same amount
2/ A small private placement CR to ALK if required (if they are keen as they are flush with cash) for the purpose of a working capital buffer.

This would give them 12-18 months breathing space to iron out the wrinkles, get the ounces poured up to where it should be which inturn reduces AISC and creates free cashflow from the mine.

I also believe a royalty will be far too expensive and counter productive.