Ann: Gulf Company Update, page-16

This is how I read it and have had confirmation.

After the first tranche of Pak's investment reaches the GMC account which is imminent then Pak's funding is technically secured. Once the first payment is made and for some reason Pak walks away then GMC get a free 5mil and he gets nothing. Not going to happen. Once his first tranche is in then the deal is locked.

In addition to this there is a second cornerstone investor with details yet to be finalised. I have heard it's in the same region as Pak's investment. This is a huge kicker as the market hasn't factored this in at all and just shows the demand for this project.

So many negative comments still. Delays were totally out of GMC's hand and due to the frustrations they sought out another cornerstone investor and now will reap the funding from both Pak and this new cornerstone investor.

It would not have been easy to secure a second cornerstone investor within the time they had and over the Xmas period. But this was done and management have to be given some credit for that feat alone. If Manganese prices weren't so bullish and this project so appealing with numerous government incentives, support, tax concessions etc. then they wouldn't have been able to achieve this. Now GMC have two cornerstone investors possibly to the value of close to 20mil in funding. Details of this second investor are yet to be announced, I eagerly await these. The first tranche will arrive before the end of January IMO. Singaporean funds will be buying on market. This is all extremely bullish plus operations and contract management are progressing nicely.