I view both the 100m + 130m as loans made (or underwritten) by...

I view both the 100m + 130m as loans made (or underwritten) by Ansteel (albeit with different structures) to KML, both of which can be converted to equity in KML.

In my opinion, the probability is that the loans get convereted into equity because either KML will sink further, meaning their is no chance for repayment, or KML will deliver Stage 1 production, in which case Ansteel will likely want the additional equity in KML.

Anyway, do your own research and don't rely on my opinions.