Ann: Quarterly Activities Report and Appendix 5B Sept 2018, page-13

Most of what you say make sense if NXE bod were in control and had funding options, however chain of events suggest that is not the case.
Funding package was only agreed early this year and as has been mentioned Arena aren't a charity, which is why the termination was included.
Arena waiving the 15% doesn't incentivise the Company to draw the loan, it just gives them the incentive to find other funding options The waiving of this fee is the most telling as it suggests that Arena are happy not to provide any further funding or are in process of rearranging whole thing (more on that later).
Early August this year the Company issued quarterly reports noting the amended tranche 2 (2A) had been drawn with other tranches due, however was vague on some of the timing under the amended facility. The cash flow forecast showed that funding was needed urgently, presumably covered by drawing tranche 2B however, out of the blue on 14/8 a new funding deal was done raising $2.4m including directors putting their hands in their pocket, no mention of Arena.
Now we have a quarterly showing they again have no money with a simple note that tranche 2B from Arena "was not received" and the Company in suspension waiting an ann about a "material funding arrangement"
This smacks of desperation and a continuous scramble to live from quarter to quarter.
The interesting thing is the current halt / suspension involves a "material" funding arrangement so would suggest to me they may have been working on something with Arena for some time and just waiting to finalise details. The only thing that makes any sense is if the "material" funding arrangement involves Arena and also explains waiving the termination fee on previous agreement. If the material funding arrangement involves other parties, what is Arena's reason to waive anything.................?? (Of course Arena may just want out of anything more to do with NXE - but I guess we will see soon enough)
"Our current Directors aren't sticking around for the fun of it, they are in it for the mega pay day an operating mine will bring"
That sounds like a rather hopeful statement - we see many Companies at this end of the market with "professional" directors who never bring any projects to light...........