Ann: Quarterly Activities Report, page-10

I had a quick look at the refinance and this is caught my eye:

"Quarterly interest only payments for the first 2 years, with quarterly amortisation over years 3, 4 and 5 of the facility and a bullet repayment of US$36M on maturity. Customary “Cash Sweep” mechanism for a facility of this nature"

I am not sure what 'quarterly amotisation' actually mean presumably a tax deduction of some sort? They had incurred some minor cost of yield payment to existing Nordic BH which is minor and a savings of 7% effective interest payment. Buys PLS 2 years of principal repayment and a lot can happen with global macros in that time.

This sounds like Scomo obligating banks to provide mortgage relief freezing payments but the debt still has to be paid off.

Now that the finance burden is 'taken care of', they can only control the operational hurdles and wait for the economic sentiment to pick up as China refocus on their economic activity if they can mitigate all these political attacks with their large trading partner USA.