For point 4: I think MacBank will prioritize the debt repayments...

For point 4: I think MacBank will prioritize the debt repayments before the hedge and move the hedge further into the future as that is in their best interest. If Calidus stays in business they will eventually get paid on both. If production stops they get neither. The value of the hedge is likely to go up further as the price of gold rises further.

Also noteworthy is that Calidus retained the right to use 50 of the Nullagine cabins for future use in Blue Spec. This is something that could be monetized as it's certainly not needed short term for Blue Spec. Let's hope that Atlas has a short term need for accomodations, so this could be an additional source of funds.