GMC - SPECULATIVE BUY - PRICE TARGET $0.033, page-14

There are now two independent Research Reports on GMC available at:
- https://www.weare121.com/121mininginvestment-london/wp-content/uploads/sites/6/2018/11/Peter-Strachan-Research-Report.pdf
&
- https://www.tripleccc.com.au/wp-content/uploads/2019/08/GMC-Research-Aug-2019.pdf

CEO Hamish Bohannan's previous management successes were:I
- LUKA RESOURCES LIMITED (ASX.ILU https://www.iluka.com/)
- GALLERY GOLD (formerly ASX.GGN now part of IAMGOLD Corporation http://www.iamgold.com/)
- BRAEMORE RESOURCES (formerly AIM.BRR now part of Jubilee Metals Group PLC https://jubileemetalsgroup.com/
- BATHURST RESOURCES LIMITED (ASX.BRL https://bathurst.co.nz/)

GMC relative to OM Holdings Limited (ASX.OMH http://www.omholdingsltd.com/):
- A couple of years ago from a similar initial market cap and share price OMH experienced spectacular performance. From 3c it topped out at A$1.70 and is currently trading at approx., $0.80.
- OMH's Malaysian smelting operation relies upon a manganese resource input at only 36% Mn whereas GMC's is 45%+ Mn
- OMH borrowed $500 million to construct 8 smelters and their current share price relative its high possibly reflects that debt burden
- GMC has opted for a more conservative approach to debt financing that will see expansion leveraged off revenue

It is interesting to note that OMH has the exact same major bank nominees as major shareholders that GMC now has:
- CITI GROUP
- HSBC
- ABN AMRO
- BNP

This interview is related to the Indonesian Govt's Direct Shipped Ore (DSO) license granted to GMC in May and the June Quarter update https://soundcloud.com/user-246928730/episode-36-gulf-manganese-managing-director-hamish-bohannan/s-AVXaD

This interview is related to GMC's most recent announcement re additional Mn mining potential in Timor L'Este https://soundcloud.com/user-246928730/episode-56-gulf-manganese-managing-director-hamish-bohannan