I wholly disagree with the theory that its 100% certain that...

I wholly disagree with the theory that its 100% certain that Nebari will convert its CN loan to shares.
On the contrary it is 99% way way more likely that HRZ will repay the whole CN loan in cash from its booming Gold revenues before any such conversion.

If the Nebari CN loan is $15M then HRZ could repay this in full in the next year without any dilution or share issuance at all.
A lender uses the CN as a way of recovering the loan if there is a non payment so they get shares instead if they want but many like Trafalga (PAN), Leucadia (FMG), Anglo/Glencore (ANL), BNYM/US bondholders (MBN) and Jeffries/Black Mountain (POS) never converted but used it to take control of the company, liquidate it, guarantee offtake or get cheap assets divvied off that they wanted.

In MBN PAN ANL cases they didnt convert their $100M but waited for administration and then took over the whole company as sole creditor and liquidated it to their mates then flipped it for $1B years later.

In the POS case, POS did a large CR of $70M in 2021 to restart the BSwan mine/mill which instead they used to build a drill drive to ore body and then they paid off AF loan and then the CN with Jeffries/BMM who were then unable to convert to shares.
BMM had earlier in 2018 launched a t/o bid for POS at 6.0c which failed.
BMM is still now a holder of HRZ converted from POS shares I believe.
BMM I believe will try to talk HRZ BOD into dumping the $1B LJ project and its massive MILL of 1.5MTpa to them for peanuts, this they have tried many times but failed.
Back in 2024 MINRES agreed to buy LJ for $15M but that failed also.

Moral of this history is that HRZ can and should repay the whole loan in full using cash make itself debt free and free itself from any dilution or control by Nebari.

POS did it easy and so too can HRZ.

I expect HRZ cashflows next 9 months and a small CR around 16c-24c will cover the whole CN and it will be discharged in full no dilution.

HRZ cannot allow Nebari to dictate its future, its BOD or dilute us long suffering LTHs here imho.

PAY OFF THE CN with CASH like POS did imho.