how odd is this trading, page-11

Well this is a loan against a very substantial asset, and again, if they can give evidence that they're increasing net cashflow then this is surely a proposition that a lender would be interested in?

From the April 2 presentation, slide 8, it says:
additional external funding negotiations are underway for $50-60 million, with preference for debt funding.

Very early in its history CTO got into trouble with its borrowing and had its assets under a 'lien', if that's the right term; and shareholders were quite nervous about that. Bet management got a scare too. I think they'll be cautious about what they get into, because they're obviously reluctant to take on debt. They got rid of the old encumbered debt using SPP funds.
I would be very surprised if they accepted any hedging conditions; this would be reason for a lot of retail investors to sell, and we account for ~75% of the shares.
Being unhedged is one of the postive qualities that the company projects of itself.

Anyway Matthew Martin seems able in this area, and at least sounds like a straight talker - if the phone calls reported here are an indication:

Matthew Martin - Chief Financial Officer & Company Secretary
"Mr Matthew Martin graduated from Sydney University in 1998, following completion of his Bachelor of Commerce (Accounting & Finance) degree. He was admitted as a member of the Institute of Chartered Accountants Australia in 2002. Mr Martin has worked in various roles as part of several international teams, including Project Accountant with Dexia Banque Internationale in London, Systems and Compliance Manager with the First Group (transport group), Forensic Accountant with BDO Stoy Hayward and Business Services Manager with JD Matthews & Associates. In his dual position with Citigold, Mr Martin's work on capital raising, cost control, management reporting, budgeting, capital expenditure and project analysis, is instrumental in the development of the Charters Towers Project and the company's future growth."