I can appreciate your effort to discover other alternatives for EXS to fund exploration. I doubt any non-equity financing is possibly without fully owned assets to pledge as collateral, that is, only receiving secondary, subordinated claims on the properties is not attractive. Even if it were possible to provide primary, first claim liens on the properties where there still exists annual payment and/or work requirements, to a lender not able to run an exploration program to fulfill work requirements such a pledge would not really be very attractive.
If such a way for funding could be found, what is the probability that the loan facility would be repaid? or would that just be gambling the property away if the work did not enhance the ability to raise funds by equity offerings sufficient to meet the repayment?
IMO it is more likely that some of the properties could be optioned to other juniors which could provide some modest cash inflow and take over the cost obligations EXS has to meet to hold the properties, thus reducing expenses. Such would likely be insufficient to do much more than cover administrative expenses of EXS and not fund TPW exploration.
