Ann: Quarterly Activities Report, page-7

Did people not read the full report? GMC secured a $5m funding facility with Acuity Capital in December. This should at least get them through to DSO approval and operating cash flow.

Obviously it does mean more dilution if they use the facility, but if you read how Acuity works, it should be much more favourable to current holders than a CR would have been, if the SP rises - i.e. if/when DSO comes.

The other concern remains that even with a $5m facility, it's doubtful GMC has enough cash to complete construction & commissioning.



I'm still not convinced they can rely on DSO income to reach production without significantly pushing out the completion date. The Asian Investor Roadshow that keeps being referenced remains the most likely source of future funding, in my opinion. Giving a local investor a stake in PT Gulf wouldn't be the worst outcome. They have to divest 51% of the project by 10 years anyway.

FYI, the divesting starts after 5 years, the same time GMC plan to reach full production. But there should be plenty of profit to be made before then.