kaboko mining concludes us$3 million debt faci, page-127

I am new to this stock, have done a bit of reading on here as well as Kab anns and media. I could see a few negativities that Kiwi67 pointed out, however, i am wondering how could a company of this size, $7m market cap with no JORC could attract the prepayment debt from a large commodity trading house like Noble. Usually, JORC is a must for any loan for a company like this having no other significant asset. Do we miss out something or Noble does. Manganese at $6/dmtu for 44% manganese ore would make it about $250/tonne of ore and making $25m revenue a year for 100,000t ore production. The transport cost could be significant but AFR could sell the less than $90/t thermal coal for a similar long distance cross countries transport. Mining cost would be insignificant to transport for on surface or near surface mine and minimal processing. My quick estimate and please correct me is that KAB could easily make $50/t of ore after all costs and would make at least $5-10m/yr profit from production as a conservative estimate.