Ann: Gulf Quarterly Operations Report - March 2018, page-3

Highlights:
• Construction and commissioning of first two smelters fully-funded to completion with all relevant project approvals now in place - on track to commence manganese alloy production in Q3 2018
• Approx. A$15 million funding round led by PT Jayatama Tekno Sejahtera (PT JTS) – a highly successful Indonesian diversified investment group - first A$2 million tranche received
• Construction and site works program progressing on-track at Kupang Smelting Hub site - foundations set and first two smelters set for shipment to site in Q2 2018
• Environment Approval received for Kupang Smelting Hub Facility – thorough review process successfully completed with the Environment Department of the Provincial Government
• Gulf actively assessing acquisition opportunities targeting high grade manganese mines in Indonesia – home to the world’s highest-grade manganese (+44%Mn)
• Gulf progressing permitting requirements in order to generate near-term cash flow from sale of Direct Shipping Ore (DSO) (>49% Mn)

And just over $3.5 million in bank....

would like to see the DSO sorted soon... but everything is stable here for now.... encouraged to say the least..