Ann: WWI Investor Presentation - Bell Potter Unearthed 2025, page-5

I've been reviewing this Chairman's address this morning and doing some forensics.

This morning:



The project target: ZAR 943m ($54m USD ish, I've done it in ZAR because the loans and expenses, running Qala are in ZAR) which hasn't changed and been very consistent and ZAR 300m from DFI or 31%



So the DFI start and approved DD on ZAR 300m



My point is, if:

Peak Funding is ZAR 943, which hasn't changed
and DFI has done DD on ZAR 300m 31%
and the SA Com Bank provides half and has secured final credit approval ZAR 300m 31%

That's the 60% already, job done start mining.

Therefore has the SA Com Bank been credit approved for more???????

for this statement to make sense: 'a South African commercial bank has advised it has secured final credit approval to provide half of the senior debt loan facility, contingent on the DFI providing the balance'

If the SA Com Bank has been credit approved for say ZAR 350m are they going back to the DFI for an extra ZAR 50m to make the Snr Debt funding ZAR 700m

Am I seeing unicorns??