Ann: NCZ SECURES WORKING CAPITAL FACILITIES WITH VARDE PARTNERS, page-8

beginning of the end Vector - eerily similar the CRB.  NAB facility terms could not be met so working capital shortfall/tightness in the short term needed to be met with something.  kudos for staring down the CR though I suspect given the current situation might have been hard to get away.  Replace with higher cost debt.  would suggest NAB breathing a sigh of relief!  will be a keenly watched Mar Q'ly.  suspect opex will be higher than estimated and output lower due to actual recoveries being well below feasibility estimates.  Intuitively, it always struck me that +60% recovery factors on inventories where half the fraction was already ground to -9microns - even with longer residence time - was a big ask.  the Woodlawn flow sheet assumes recovery factors in the 40s and their tailings inventories run 40 micron and higher.  something arithmetically has got to give.