re: Ann: Penumbra Mine Update On Budget And O... Not 100% sure...

re: Ann: Penumbra Mine Update On Budget And O... Not 100% sure its on budget Paps, as they claimed it to be "substantially on budget" and there was this one sentence they put in after saying it was fully funded ...

"In addition a contingency fund of approx. US$4.5m has been funded by the Company to cover any potential cost overruns."

How was it funded? Funded by the company's existing reserves or funded by the company externally? If external then who funded it? Is the contingency funding separate to all the recent funding announcements or part of them? When was it set up - just recently or at the commencement of the project? Specifically which costs might overrun?

Maybe they could tell us a little more, as it's funding matters that unsettle many shareholders.

Remember the project is at 38% completion, so it's possible they may still encounter cost overruns before completion.