A 5.4c per share valuation was provided for GMC in a July 2018...

A 5.4c per share valuation was provided for GMC in a July 2018 Research Report from prominent independent corporate research firm Strachan Corporate (https://www.stockanalysis.com.au/). Modelling GMC's Kupang Smelting Project with DSO through to expansion to only 6 of 8 planned furnace units, Strachan Corporate provided a July 2018 Net Present Value (NPV) for GMC at ~$240 million which compares extremely favourably to the current market capitalisation of ~$30 million! (Note this was prior to the DSO license being granted and is based upon GMC's 75% controlling share of the project.)
https://gallery.mailchimp.com/29430390769acf2e2620a43dd/files/a6b180e3-b654-42f4-870b-6b18921472d3/Peter_Strachan_Research_Report.pdf I'd expect more Research Notes are on the way.