It will be shown in the appendix 5B as cash when the long-form...

It will be shown in the appendix 5B as cash when the long-form loan agreement is signed.

'Conditional' can be misinterpreted. RNU has credit approval, otherwise they would not be moving to long-form loan agreement, which is based on the term sheet detailing T&Cs of the loan. Even without binding offtakes.

What is remaining is really administrative in nature (due diligence, Conditions Precedent) and legal work in putting the term sheet into proper loan agreement legal format. Technical due diligence (I think would be most important dd item) has been completed and no fatal-flaws found. Given its 1 lender and 1 borrower and RNU this remaining process to signing of loan agreement should be relatively straight-forward 2 months max, particularly as dd has been running concurrently for last couple of months.

I believe that a Condition Precedent of any loan drawdown of the already signed loan agreement and in force loan facility, will be FID and binding offtake (the latter not an absolute).

This is my take on it anyway.....