Ann: Quarterly Activities Report and Appendix 5B, page-42

At 1c, GBM would have negative equity as the outstanding debt exceeded the combined equity + cash. Very risky position to be in and a lot of people on this forum warned the management about the potential risks of a 10m convertible note deal with Collins Street AM. 15 months later, here we are in this mess and with no money in the kitty. I have no idea how a 1.9m oz JORC resource company sunk all the way down there, but I don't see many options other than selling a portion or the full amount of the company's core projects to pay off the debt and recapitalise the balance sheet.