Not dead yet ? Cline Mining Inc. (“Cline”) The portfolio of the Trust includes both convertible and non-convertible secured debt issued by Cline. Cline is a Canadian junior resource development company, with several mineral interests, including assets in the coal, gold, iron ore, oil and gas, and uranium space. Cline’s principal asset is the New Elk Coal Mine (the “Coal Mine”), based in Trinidad, Colorado, which is a fully permitted hi-vol B metallurgical coal project with a measured and indicated coal resource of almost 620 million tons of in-place coal. The Trust holds first lien security over all of the assets of Cline, including the Coal Mine, putting it in an advantageous position regarding the ultimate realization of its investment as compared to unsecured creditors and equity holders. Declining coal prices have made it more difficult and inadvisable for Cline to restart the Coal Mine in order to put the company in a position to generate positive cash flow. The Coal Mine has been put on a “care and maintenance” program to ensure that the environmental and structural integrity of the mine is preserved while awaiting recovery in prices. Cline recently announced a settlement agreement (the “Settlement”) with the Province of British Columbia under which Cline agreed to abandon certain coal licences as well as certain coal applications in return for the payment of $9.8 million in cash. Cline has indicated that this additional funding will enable it to operate for at least 18 months. The pricing of the Cline bonds in the portfolio of the Trust is currently at a 30% discount to par, reflecting the first lien position and the valuation of the underlying coal asset. Cline is currently in default and is operating under forbearance agreements with its bondholders, including the Trust. The most likely scenario for the repayment of the bonds is the realization of the Trust’s security. Marret is continuing to evaluate all of its options to maximize recovery on the Cline bonds, which includes working with Cline to find a strategic partner or to find a buyer for the entire company. Cline’s additional funding from the Settlement enables Marret to be opportunistic in this process with a view to maximizing the potential return from the bonds.