Ann: Quarterly Activities Report, page-34

Things that make you go Hmmm.

Here is an example of a recent "Mine Financing Package". Here is the Link if you want to get into the weeds on this.



And another one, here in Australia, which was $175m debt funded for total capital cost of A$226m.

Source: Red5 Limited - Diggers & Dealers Presentation - Mark Williams, Managing Director - 2 August 2021

And Red5 Limited Company Announcement - 1 July 2021

And here is how Federation Mining has funded the first phase of their project development at Blackwater - Snowy River Project.



And here is an extract, showing Pre-production Capital Costs, from OceanaGolds 2014 PEA on the Blackwater Project now in the hands of Federation Mining. Numbers are a bit out of date but still indicative. Here is the Link for this PEA.