my opinion, there are at least 2 possible variables:
1) EPM will be incorporating the new 43-101 resources into their mine plan and thus be producing more gold each year. This would involve more capex. This would also involve renegotiation with their lenders to approve the new mine plan.
This is somewhat likely in my view. However, I doubt EPM would issue new shares for the new capex at the current share price. Nonetheless, I believe EPM would like to negotiate this point with its lenders now to allow EPM to spend new capex/produce more gold ounces during the next 1-2 years without triggering anything in this "renegotiated" financing agreement. In fact, a new financing agreement may spell out the lenders may wish to debt finance some of this new capex.
This is all speculation on my part, but appears to be supported by the facts.
2) The lenders have seen recent development in the other Stans and are now getting cold feet. This is less likely, but certainly possible.
Your basic assumption is correct. There is over 90% chance EPM will get debt financing via its existing agreement, IMO.
