You're probably right about the disclaimer @Hiddenvalue,...

You're probably right about the disclaimer @Hiddenvalue, although, similar commentary also appears on page (7) of the Offer document below the heading 'Alternative Funding Allocation Scenarios'. Maybe management felt like using the disclaimer twice to emphasise the point about further funding required.

Now as far as I can see, the First Tranche of the pre-paid swap financing was $21m & completion was announced on the 14/08/20. Prepaid gold swap debt at 31/12/20 was 4,893oz repayable at a rate of 699 oz per month until the 31/07/21 (about 120 days away) which seems to be about (2) months beyond the 50 days that management have suggested for securing the new $40m Mercuria debt. However, factoring-in a few months until Tranche (2) funds might be drawn down, I'd say you're right : last repayment of Tranche (1) funds might be pretty close to the first drawdown of Tranche (2) funds (assuming Tranche 2 funds are realized).

I noticed in the Wiluna Development Update announced on 30/03/21 they mentioned over 600kt of stockpiled Williamson ore remaining (1.2Mt of stockpiled Williamson ore at 31/12/21) so approximately 600kt of Williamson ore processed during the Mar'21 quarter. Remaining 600kt from Williamson plus modest contribution from Golden Age should see them through to Aug'21 & then funding (i.e. $40m from Mercuria or another CR) to bridge the production gap from end of Aug'21 until the concentrator is commissioned in late CY21 / early CY22.