Ann: Higher Gold Grade and High Gravity Recovery -3rd Campaign, page-29

Agree with these comments 100%.
But cannot locate any mention of Blue Cap Invoicing at 13.5m so have to disgree on that point.
The total funding by Blue Cap was 7.5m and at the 30.7% on max drawdown this only equates to 9.8m
Even at 8.4m at max drawdown is just 10.9m
Yes PFJV have overrun above due to milling delays but still cannot see 13.5m.
Like your previous comment all will come clear (we hope) when they declare true position after Campaign 3 valuation is confirmed and true status of the Blue Cap funding revealed.