I read it as XAM's chunky overheads are funded to $6.2 million (or just under 4 quarters) and the rest of Zijins investment goes directly to fund the PFS for the project.
Following the PFS, XAM has an option to:Plus XAM has to continue self funding its chunky overheads.
- fund its 50% share
- sell its 50% share to Zijin for US$50M
- or sell half its share of the JV (25%) to Zijin for US$25M with a financed carry for the other 25% to production
I read it as XAM's chunky overheads are funded to $6.2 million...
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