It's sounds simple at the high level but if one digs a little...

It's sounds simple at the high level but if one digs a little deeper, it gains complexity.

As at 30/6/23, Facilities A, B1, B2, and C1 are fully drawn.
Facility B2 had a limit of $6.5M, and was undrawn.
The unanswered question is whether the limits are amortising as expiry is approaching, we are on a program to repay the drawn down positions in full by 30/6/25. For the purpose of the exercise, let's say $6M could be drawn today, and the quarterly repayments increased by $1.5M reflecting full repayment by 30/6/25. How far does $6M go?

Tranche D, the $40M facility is problematic. On paper, it looks great, but in reality, it expires in just 6 months time. Take $10M today, you create two $5M quarterly principal reductions, or best case one lump sum by 31/12/24. The expiry is prior to meaningful lifting of Walyering production/revenue uptick in Q1CY25. To me, it's a redundant facility, I ignore it. This was the point made by the bloke in money mine, how ST represent their funding position, when discussing the prospect of a CR.

Yes, a bill for W7 drill, and a future bill for ED1, agree. They are the big ticket items but underneath that we have (a) OH seismic, (b) Kadathinni seismic, (c) DBNGP connector expenses(?), (d) W6 workover, (e) W7 flow/production testing, and (f) other Walyering plant debottlenecking issues upgrades/remediation.

Last but not least, the cash balance is an aggregation of 100% owned cash and 50% of JV cash. JV cash has a single purpose, ED1. Nothing else we are doing can be paid for by JV cash.

Ftroop is right, in my opinion, in identifying 30/9/24 as the potential tipping point. Any raise would occur prior to Q1FY25 quarterly release as the game would be up. It will be very interesting to see how things play out from here. A good flow test result at W7 should satisfy MAQ and the new debt agreement could then be announced. JMO. DYOR.