Ann: Gulf on Track for First DSO Sales, page-43

You realise GMC only own 74.9% of the Project?

The other Cornerstone Investor owns 25.1%

The CI also receives 2.5% royalty and the first $5.0M.

So if sale price is $300US - first 2.5% royalty to CI = net sales price $292.50 less supply $170 = $120US x 103,000 etc..

Then the CI is entitled to 25% as they own 25% of the Project.

Then of GMC's 75%, thr first $5.0M will be used to repay the loan.

On the back of the above, I sense GMC will probably require another working capital Capital Raising down the track!