Position Positive., page-8

Up to the financier, I would assume.  He gave them two waivers on the original loan repayment defaults, some more cash, reduced the interest terms and gave an extension for repayment.  Depends on how generous he feels come 31 December 2014, should IDC not be in a position to repay.  He may turn out to be santa and gift them another extension, then again he might be a right scrooge and call in his loan. The terms are as below.  As you can see, IDC have given him some generous security -see last three lines below  (not bad for a $3mil loan!!!)............

Dear Shareholder
Immediate funding Immediate funding
Following the Board and management changes previously announced to the market, the Company
entered into discussions with the Company’s existing secured lender (Financier Financier Financier) to discuss the basis

upon which the Financier may be prepared to continue to provide financial support to the Company.
Those discussions included a request by the Company for the Financier to provide immediate additional
funding, by way of extension and variation of the existing facility, to allow the Company to continue to
operate.

The Company is pleased to announce that as a result of the discussions referred to above, its Financier
has agreed to provide immediate additional funding of $1.15million to the Company. The terms of that
funding facility from the Financier, which represent an extension and variation of the existing facility which
has been documented (Varied Facility), are as follows:

1. after receipt of this funding package, the Company’s total secured debt under the Varied Facility
will be approximately $3.05million.

2. the repayment date for the Varied Facility (both in relation to previously drawn down amounts and
the new funding to be provided) has been extended to 31 December 2014 subject to monthly
reviews by the Financier;

3. the existing security that was granted by the Company in favour of the Financier will apply to the
Varied Facility (both in relation to previously drawn down amounts and the new funding to be
provided);

4. the annual interest rate to be applied to the Varied Facility (both in relation to previously drawn
down amounts and the new funding to be provided), going forward, has been reduced to 25% per
annum; and

5. the Company executed additional security documents in favour of the Financier that support the
Varied Facility (both in relation to previously drawn down amounts and the new funding to be
provided). The Company had already agreed to provide this additional security pursuant to the
original secured debt agreement. The security that the Financier will hold in respect of the Varied
Facility are as follows:

a. a first ranking general security agreement over all of the Company’s assets;

b. a first ranking fixed and floating charge over all assets owned by the Company’s
subsidiary, Summit Development Limited (Summit); and

c. a first ranking mortgage over Summit’s tenement lease in Papua New Guinea (PNG)