Excelsior Mining Corp (EXMGF)

[drobx]

My reading of the buy down agreement is that to reduce the copper delivered by 50% Excelsior would have to pay a full 50% plus interest, not just trickle it out in lieu of annual copper deliveries. Another note: it looks like the buy out option is not available until after stage 1. I say this based on the table in the section titled "Triple Flag Expansion Option and Excelsior Buy-Down Right." I have to say this is all very complicated. I wonder if the buy down is 50% of the initial investment, or 50% of the outstanding balance.