Just found another interesting piece of the puzzle. The BFS...

Just found another interesting piece of the puzzle.

The BFS assumed $23m of debt at 10%, payable over 5 years. That's $2.3m of interest per year.

What we actually have is

Convertible Note $6m @ 6.5%, some already converted. Interest = $390k pa
Govt Grant $6m - NO INTEREST
Sandvik $3.36m (equity contribution 30%) @ 5.75% = $193k pa
Off take agreement @ 0% interest
Director Loan $1.5m @ 8.5% = $127.5k

TOTAL interest $710.5k pa

TOTAL INTEREST SAVING $1,589,500 per year.

In the current environment, this is significant and will add value to project.