Ann: Update on Thunderbird Senior Loan Facilities, page-46

I wouldn't be expecting any good news on the financing next week. With NAIF having already lost hundreds of millions of dollars of tax-payers money, I think they'll be wanting to keep a tight grip on KMS until there are positive signs of an operational turnaround that they can build a solid financial plan on.

Looking back, I see the NAIF loan only had a tenure of "Up to 12 years from the date of Financial Close" which was October 2022. KMS are therefore already three and a half years into their 12 year loan, and at the moment there seems little likelihood NAIF's $160m loan will be repaid within the next eight and a half years.

I think NAIF are more likely to kick the can down the road for another quarter with a temporary wavier and deferral arrangement for the June 2026 interest and principal repayment obligations before they'll be able to agree any long-term restructuring.