attempt to soften the blow?, page-11

I'd be guessing that this could be the last update before they have to pause development at Penumbra. They said at the meeting they would draw the project facility at the end of August. Now we get this:

"Capital costs for the mine development to date have been predominantly funded by existing cashflow; the balance is to be largely met from a secured project finance tranche of funding from ABSA Capital with drawings to commence this quarter."

So pretty much out of their own cash to develop you could read into that and the project facilty still not available. I suspect that the project drawing is subject to sorting out this holdco liquidity/solvency issue. I don't imagine that bank wants to lend on a project if the project owner is about to face really finacial stress.

So maybe they announce an asset sale and try and issue at the same time as sale proceeds will be delayed. Notice I said "announce" a sale. Whether it ever happens is something different with these guys.