WWI: Funding Takes Time – And This Is Why It’s Worth It, page-2

Here’s what’s missing from the noise:

WWI’s DFS (July 2023) estimated USD $43M as the peak funding required to deliver Qala Stage 1. That figure included contingency and capitalised interest, based on a gold price of USD $2,200/oz.

Since then, gold has surged past $3,400/oz. So why did WWI secure a $50M facility, and why hasn’t it drawn yet?

Reason 1: It’s how project finance works
You don’t borrow the exact DFS number. You secure slightly more to cover FX movements, lender buffers, and timing gaps during ramp-up. A $7M buffer on a $43M requirement is normal and smart.

Reason 2: Facility approval isn’t a drawdown
The debt is approved, but drawdown depends on legal execution, equity contribution, and lender conditions. That takes time. This is standard in structured funding.

Reason 3: The $500K loan
It’s a bridge to keep Qala moving while the main facility is finalised. It’s not a contradiction, it’s practical. The project doesn’t stall while funding closes.

Nothing here suggests cost blowout or funding failure. The $50M was structured to deliver the original DFS plan with an appropriate buffer, not because costs have increased.

Yes, we all want it done, but real funding, real value, and real re-rates don’t reward impatience.