That's the way I see it too.
Also they had $15.3m June 30, + $7.8m in shares issued to MIIF.
In all the recent interviews they seem very confident the offtake will close the funding gap with either prepayment or debt facility.
It makes sense for them to hold off on the offtake until after this MIIF investment and the ML to get the best deal.
Ann: Minerals Income Investment Fund of Ghana Invests US$32.9m, page-21
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