Agree with you - this is definitely the laughing stock of the ASX!!
As at 30 June 2019, it had:
$4.0M cash
$5.2M debt loan at 8% interest (which they forgot to disclose)
had expected cash outflows of $1.7M for the quarter.
So by end of Sept 2019, it will have $2.3M cash and a $5.2M secured loan against the second hand refurbished smelters.
Now for the funny bit - from today's announcement they require another US$13M to finish construction. (Original budget was US$13M, so appears to have doubled in budget).
US $13M = AUD $20M.
Where on earth are GMC going to find $20M, plus $5M to pay off that loan.
at $0.005 - that's another 5,000,000,000 - yes 5 billion shares required...
not long until this becomes the first trillion share company I think.... even then I think they will still be trying to finalise their second hand refurbished smelters