What makes you think EXIM is supplying the full Project...

What makes you think EXIM is supplying the full Project CAPEX??
Have you confirmed this with the board?

The announcement clearly states the following;
- Loan amount will be up to $657m
- Final amount subject to Iron bark meeting the minimum equity commitments

At this point the market hasn't been informed what this minimum equity component is, plenty of speculation mind you.
It's possible Ironbark wants to keep this amount confidential in nature as likely commercially sensitive. It may enable them to better negotiate a favourable outcome if this amount is not widely known.
It's also slightly possible that EXIM hasn't specified the exact equity component as yet? Maybe that is to follow shortly as part of stage two?

Ironbark hasn't once stated that EMIX will fund the entire CAPEX, but what they have said is that "the EXIM loan will cover the entire debt component" of the CAPEX.

So what is unknow at this stage is the percentage of the CAPEX that EXIM has signalled they will lend, and the amount they have specified has to to be equity.

Complete assumption only, but judging from elation of the board you would have to think that figure is looking closer to 70-90% of CAPEX than it is to 40 - 60%

Did anyone else notice and think it strange that the BFS reported CAPEX figure is $654m but the reported loan amount is up to $657m

Maybe EXIM has said will will lend 90% of the CAPEX with a provision for a 11.5% cost overruns/inflation etc.

$654*90%= $588.6M

$588.6m with additional 11.5% for cost inflation is $656.3m

There you go, I worked it out. EXIM are leaning IBG 90% of CAPEX!

Joking of course, but it could be something along those type of lines.