Ann: Managing Director's Presentation to 2023 AGM, page-3

Detailed negotiations with debt providers progressing with finalisation expected by Q4 2023:
o Feedback has shown that debt providers recognise the Company’s stockpiles as a
significant and valuable liquid asset
o Negotiations are progressing to allow the stockpiles to be used as security and
establish necessary tripartite agreements

Looks like this is why debt financing is taking its time. Centrex need to build up there stockpiles for collateral, before they will get the money.