GMC Fundamentals, page-16

11. GMCs Next Milestones​

GMC have stated that their team is s​

olely focused on prudently managing the development of the Kupang Smelter Hub Project. ​

I have updated what I think will be completed when in accordance with the revised update received today.​

Fourth Quarter 2017 ​

• Complete Civil & Structural Engineering
• Asian Investor Promotional Roadshow
• Continue evaluation of Indonesian ore sources.
• IMB Licence (Building Permit) received (completed on 22 December 2017)
• Commenced civil works program (Dec 2017)
• Smelter refurbishment continued

First Quarter 2018​

• Environmental Approval received for Kupang Smelting Hub Facility – thorough review process successfully completed with the Environmental Department of the Provincial Government (completed 17 Jan 2018)
• Receipt of all building and regulatory approvals for Kupang development (completed 17 Jan 2018)
• Continue site construction -> Kupang civil works program underway
• Establish Community programs
• Completion of smelter refurbishment
  • Main components of smelter refurbishment program in South Africa finalised with shipment to Kupang scheduled for Q1 2018
  • Furnace equipment units having now been containerised and being prepared for shipment to Kupang.
  • The final step of the refurbishment program is the rewinding of the furnace transformers which is expected to be completed in February.

• • First two smelters shipped to Kupang
    • Working to finalise shipping arrangements with the furnace equipment expected to depart Durban for Kupang in February.​
  • Arrival of furnaces in Kupang (Feb/Mar)​

• Permitting requirements in order to generate near-term cash flow from sale of Direct Shipping Ore (DSO) (>49%Mn) progressing (my estimate)
• Commence DSO Sales
• Commence operator recruitment and training program

Second Quarter 2018​

• Complete Site Construction
• Commence furnace commissioning.