Amendment to the Credit Facility:
On July 1, 2026, the Company amended its Credit Agreement pursuant to which the delivery of a total of 15,000 ounces of hedge contracts maturing in March and June 2027 were eliminated in exchange for (i) an increase of $33,732,426 on the Company’s secured credit facility and (ii) the purchase of 15,000 put option contracts with a strike price of $3,100 per ounce and maturities in March and June 2027. As a result of the amendment, the aggregate principal amount outstanding under the secured credit facility increased to $46.3 million.
Remaining principal repayments of the secured credit facility are as follows:
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December 31, 2026: $1.0 million;
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March 31, 2027: $15.5 million; and
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June 30, 2027: $28.8 million.
So while they may have $55m in cash, $46m is already spoken for – i.e net cash is $9m at 30th September.