At $0.015, the market cap would be be A$35.6m undiluted (2.371b shares), or A$64.4m fully diluted (4.29b shares).
It's difficult (at least for me) to find a current price on FeMn alloy, but GMC used US$1500/t in their presentation back in April, with operating costs of US$808.57/t and a net operating margin of US$691.43/t.
At full capacity, the first 2 smelters should produce 40kpta of FeMn, which if they sold at the above margin, would generate EBITDA of A$36.9m.
This also is a bit confusing though (to me) - for some reason the presentation uses the example of 31,640tpa of FeMn alloy being sold, which would then give a profit of A$29.2m.
GMC have also only signed an offtake agreement of "up to" 30kpta, which would be a max profit of A$27.7m.
Take your pick, I suppose, and apply your own EV. But if they really can get those smelters into production, then we may still yet reap a substantial reward, despite our suffering.
I think GMC should have about A$11.8m cash on hand at June 30, if the CR is fully subscribed, and if the estimated cash outflows for Q4 were correct. The 1.662b options @ $0.005 would provide another A$8.3m of funds if exercised. Otherwise, GMC could potentially be exporting untreated ore at an unconfirmed margin of about $150-200/t (the currency was never stated). I also remember hearing something about the offtake partners providing funds? It's too late right for me to look for it.
GMC needed approx. A$21.8m to get to production. A$3.2m of that was in purchasing, refurbishing & relocating the two smelters. I haven't gone through the announcements to see how much of that has already been paid, but I remember they at least put a deposit down a while back, and I believe the full A$1m raised from the SI's was allocated towards the smelters this quarter.
