Note 3 - Operating Funds	9 Months Ended
Feb. 29, 2016
Notes to Financial Statements
Note 3 - Operating Funds	Note 3 - Operating Funds Excalibur entered in to a Management Services Agreement with Meriden Engineering LLC (“Meriden”) in 2012 to perform certain management and consulting services with respect to mine performance and progress and royalty payment determinations, among others. Meriden’s management fee is 5% of the gross royalty revenue received by the Company. Extraordinary events or issues beyond the scope of the budget will be negotiated between Meriden and the Company as additional compensation. In addition, as an incentive, 5% of actual gross increase in the Company’s consolidated revenues during each calendar year from all sources other than royalties shall be paid to Meriden. In the event the Company is sold, a one-time termination fee in the amount of $250,000 will be paid to Meriden.

Note 3 - Operating Funds

9 Months Ended

Feb. 29, 2016

Excalibur entered in to a Management Services Agreement with Meriden Engineering LLC (“Meriden”) in 2012 to perform certain management and consulting services with respect to mine performance and progress and royalty payment determinations, among others. Meriden’s management fee is 5% of the gross royalty revenue received by the Company. Extraordinary events or issues beyond the scope of the budget will be negotiated between Meriden and the Company as additional compensation. In addition, as an incentive, 5% of actual gross increase in the Company’s consolidated revenues during each calendar year from all sources other than royalties shall be paid to Meriden. In the event the Company is sold, a one-time termination fee in the amount of $250,000 will be paid to Meriden.