MNB has given no guidance on the ETA for Carrinho's formal sales offtake, so I think this might still be a long way to go.
Initiated discussions with Angolan institutions, which means very preliminary. Let's all remember that the IDC loan took 6 months, give or take, to be approved with preconditions, AND when the news about IDC emerged in October last year, IDC had already completed the due diligence by the end of October/November. If we are to put an ETA on when those Angolan discussions are gonna lead to real funding, when will it be?
I think funding risk still remains significant/extreme, not reduced significantly. I won't rule out another CR as a possibility when the company finishes spending the raised AUD 6m, and the terms if it happens next time are gonna be catastrophic, perhaps at 5c and still free options.
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