Ann: Sixth Shipment of HMC Completed at Coburn Project, page-27

Taken from the annual report:

Bond Facility – US$60m
• 5 year tenor with a maturity date of 20 March 2026
• No amortisation until March 2024, then quarterly amortisation of USD 4.25 million from 20 March 2024 to
20 June 2025, then amortisation of USD 2.25 million at 20 September 2025 and 20 December 2025. 50%
bullet at the Maturity Date


Government contribution:
As disclosed in Note 17, as part of the financing of the Coburn Mineral Sands Project, NAIF provided a $150mil facility.
No principal repayments are scheduled on this facility until the earlier of March 2028 or 3 months after the Bond or
any Bond refinancing is repaid. Thereafter, quarterly principal repayments continue for a period of 7 years and 9
months. The interest rate on this facility was deemed to be favourable and in accordance with AASB 120, the NAIF
loan has been recognised at fair value with the difference between the fair value and carrying value recognised as a
government contribution. The fair value of the loan was determined by estimating repayment dates of the principal
in accordance with the facility agreement and utilising an interest rate which was determined to be a comparable
rate for a facility with comparable terms to the NAIF facility.