Ann: Termination of Binding Agreement, page-183

It would appear the cost to get two smelters up and running will be approximately A$15m - feel free to correct me if this is wrong.

With two smelters up and running, and Manganese prices at $1800 US/t, GMC would have an annual profit of US$40.2m. This equates to approximately $52.3m AUD profit p.a with current conversion rates.

Applying a PE of 10 would give an MC $523m.

If $15m is raised at 2c, fully diluted upon production GMC would still have an SP of 20.5cps.

This is a REAL figure given the first five years are tax free.

With current Manganese prices and the weak Aussie $, this project is a cash cow with just two smelters for Australian investors!