Ann: Pre-Feasibility Study Update, page-43

https://www.legislation.gov.au/Details/F2016L00654

(1) The Facility must not provide a Financing Mechanism unless the Board is satisfied the Project would not otherwise have received sufficient financing from other financiers.

I'm referring to the track upgrade component.
The track, if upgraded, will never belong to RWD because it is a public track. Do you think RWD would ever get 100% finance for the upgrade or would it have to fund the track from new equity? Anything less than 100% bank finance would open the door to NAIF in my opinion.

"Which in turn means the project is no good" is rubbish but is to be expected from you.

Cheers