Kabanga Ni — senior debt capacity on the FS-TRS annual schedule
The lender's question, on this asset's own Sourced figures. Every input below is read live from /api/v1/deposits/kabanga-ni.json (the FS-TRS headline block, mirrored from bankability.json); every output is Derived by the arithmetic printed beside it. This is a sizing indication under a stated proxy: it is not a credit model, not a term sheet, and states no view on whether the asset should be financed.
Basis. Since 7 Sep 2026 this page reads the FS-TRS annual post-tax free cash flow (Table 19-9, Years −2 to 10 individually, Years 11–19 as the table's own aggregate) from the dossier export. CFADS is taken as post-tax free cash flow before debt service — the table's own line, after tax, royalties, sustaining capital and working capital. Where the schedule is absent the page falls back to a level-annuity proxy and says so.
Sourced inputs
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Financing assumptions (editable — yours, not ours)
Interest rate, % (all-in)
Tenor from first production, years
Grace on principal from first production, yearsinterest capitalised during grace; Year 1 FCF is negative in the FS-TRS ramp-up
Target minimum DSCR (sizing)
CFADS haircut to after-tax FCF, %after-tax FCF already nets tax, royalties and sustaining capital; haircut only for working-capital and reserve-account assumptions you hold
Defaults are generic and carry no view. 1.40× is a common project-finance sizing covenant; 8% and 8 years are placeholders.
Derived outputs
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Method, in full
SCHEDULE METHOD (when Table 19-9 is present): CFADS_y = post-tax FCF_y × (1 − haircut) — the FS-TRS line, unlevered Binding year = min CFADS_y over amortisation years (g < y ≤ n) DS = CFADS_binding ÷ DSCR_target; D_amort = DS × AF(r, n−g); D_first_production = D_amort ÷ (1+r)^g LLCR = Σ CFADS_y ÷ (1+r)^y over y ≤ n ÷ D Years 11–19 use the published aggregate spread evenly (flagged).
LIMITS OF THE SCHEDULE METHOD: the FS-TRS model is unlevered — tax is computed without an interest shield (conservative for CFADS); debt is assumed drawn at first production, so interest during construction on capex spent in Years −2 to 1 is not capitalised into D (D is therefore an upper bound at first production, not a drawdown schedule); the sizing targets the binding year only and does not test a price-stressed case, because the filing publishes no downside FCF.
PROXY METHOD (fallback when the schedule is absent):
CFADS_level = after_tax_fcf_LOM ÷ mine_life × (1 − haircut)
Annuity factor AF = (1 − (1+r)^−n) ÷ r
Max annual debt service at target DSCR: DS = CFADS_level ÷ DSCR_target
Indicative senior debt capacity D = DS × AF
Gearing on pre-production capex = D ÷ capex_preprod
LLCR (proxy) = PV(CFADS_level over tenor at r) ÷ D = DSCR_target (tautological under a level annuity — shown to make that explicit, not as information)
Reserve-tail at end of tenor = (mine_life − tenor) ÷ mine_life
Downside: the FS-TRS states only NPV and IRR at $7.00/lb Ni, not FCF; no downside CFADS is Derived here because the input is Absent.