Yelub I suspect it will work like this, assuming DFS, Enviro...

Yelub I suspect it will work like this, assuming DFS, Enviro studies, DD, etc etc completed:

Banks provide Loan conditional upon STB raising its portion of the required Capex.

STB raises its portion of Capex which also hopefully will be provided as a Loan with interest.

JVC commences production generating revenue.

Firstly JVC repays Banks Loan + interest (as always banks rank first).

Second, JVC repays STB Loan (hopefully with interest).

Third, when JVC is debt free, JVC profit (i.e., net after all outgoings, including royalties, taxes, etc) are distributed to the JVC shareholders in the agreed proportion.