Ann: MEL Investor Presentation AGM 2023, page-24

Thankyou for maintaining the rage @stumpytrunks !! There seems to be some real concern on the MEL threads about the KB situation however KB is a third tier lender and shit does happen with third tier lenders. KB's own cashflow is currently under significant pressure. A logical way to address that is to default/terminate some existing loans.

The only reference to a MEL default that I can find is the KB announcement. MEL would not announce a default if they don't believe they have defaulted. (has anyone else seen MEL agree to KB's assertions?)

Typically in a co-lending facility the parties, Keybridge and Glennon, would act together and default/terminate together. Glennon have not defaulted/terminated on their loan agreement which makes it more likely the problem is not with MEL. I also believe the Glennon facility is NOT fully drawn at this point so there is additional funds available there.

In March MEL announced they had multiple loan offers before selecting KB/Glennon. MEL's security has improved since March. It's just as likely that this new presentation is for new lenders.

MEL currently has $1.44m of KB money. Arguing the toss with KB is a play to buy time for MEL to re-finance. Eventually KB will need to be paid out but it's worth throwing some money at lawyers to buy some time. IMO if Glennon remain supportive MEL should be able to refinance KB out.

Obviously a CR is incoming at some point. If there isn't we will be waiting a 100 years for MEL to develop the fields out of the piddly cashflow they are currently nursing. It would be in all SH's interests if the CR was for field expansion rather than to payout KB.

This is high risk/ high reward stuff. MEL isn't just a speccie mining stock, it's a small cap speccie mining stock. Any stock that could be a multi-bagger from current levels is by definition high risk. Personally I would take this kind of corporate argy bargy anyday over the drama's at Vali.