I wonder if continued operation of the mine would be a condition?
No. First of all, proving that the mine is operating is a gray area....what defines "operating". Production of gold? Mining and stockpiling ore? Having a watchman on duty? It would be difficult to define.
Secondly, toxic lenders don't really have an interest in things like "operations". They make money no matter what, because of the discounted conversion rates.
But they do care about maintaining compliance with the SEC filing requirements because of potential suspensions and the like. Mexus is now delinquent, so it will be interesting to see what happens....