Ann: Restructured funding to deliver Ngualla BFS-PEK.AX, page-27

The loan will only come into play if there is a shortfall in the rights issue and is to a max of $6 million. So there could be no loan if all rights are taken up. Appian and IFC have stated that they will be taking up their rights so I would guess that the maximum the loan could be would be about $4 million or something less. What I don't like is the 15% interest rate if the loan is required, rather ridiculous if you ask me. Once the BFS is released which I hope indicates a very viable project then possibly the SP will be much higher than the 5 cents that it is currently. Offtake sales agreements are critical to the outcome after the release of the BFS. Speculative but on its lows in a sector that has historic low element prices and thus on the nose.