Ann: NCZ SECURES WORKING CAPITAL FACILITIES WITH VARDE PARTNERS, page-10

My thoughts exactly. Board own the majority of the shares so they probably think the higher cost interest component is irrelevant compared to the cost of dilution an equity raise would have had at these share prices. 

Recoveries improving into the 50s concentrate being produced and shipped. Company has bullet proofed itself during comissioning and best of all shorts would be sh@tting themselves how they are going to buy back in.