PMGOLD - Perth Mint Call Warrants Tradeable on the ASX, page-4

I like that there's a connection indicator of what amount of gold you're allocated to if you hold.

Hi StockSoldier it says under the 'risks of non-performance by gold corpoation'

'Failure by Gold Corporation to fully cover each PmG means that you ultimately have an exposure to the Government of Western Australia'

What exactly does that mean, in the case of failure the Government of WA pays out?