Ann: CALIDUS SECURES $110 MILLION DEBT FINANCING FOR WARRAWOONA, page-20

Watchfulbull ... I can't comment with any authority about Panoramic but I can about EXG and Dave has not got the story straight there. EXG entered into a $4.5 million loan with Macquarie of which (from memory) there had to always be $2 million in the treasury, so essentially the loan was only allowed to be drawn down $2.5 million. With this loan came a number of gold put options calls and hedging, at prices that obviously significantly advantaged Macquarie, as well as legal charges and interest. Dave is right that EXG got into trouble, after the loan was negotiated during mining ramp up. However, because of the problems with the then company there was a shareholder move to replace a couple of directors and essentially the whole Board resigned and a new Board took over (and inherited the mining problem and the Macquarie debt obligation) in late 2016. The new Board, and critically the new MD turned the company's fortunes around, within a 6 month period and despite early (and for EXG costly) calls by Macquarie to close out both the put options and the hedging commitments, managed to complete mining and have a decent cash reserve at the time EXG merged with Spitfire to create Bardoc.