refinancing coming with in 6 months, page-2

IMO, simply couldn't refinance earlier as a producer needs a few quarters of steady production (stated as such at the last AGM). Unfortunately, ramp up has been rather slow and costly (this is more common in the sector than things going smoothly) and only now are AJM finally getting near nameplate outputs. I hope they don't have to raise anymore cash but I'm not betting on it. ORE, which is significantly more derisked, got a good loan near 4%. Money is cheap now, so ideally AJM can possible cut its rate in half and shave US$40/t of its costs.

PLS now have a nice cash buffer but its plant is clearly not running as smoothly as AJM. Had it been running as smoothly, that raise could of wiped out its debt. Let hope JB and gang keep things progressing. They've had a good run on the mine ramp up and cost lowering, JRO disaster to 4 offtakes and SYA move.