Ann: Triple C Research Report, page-47

It isn't all doom and gloom. There are a few developments that could positively impact the SP.

1. Smelter updates (refurbishment, shipment, installation) - Once they arrive, it's boom or bust for GMC. There'll be no turning back.

2. Export permit - GMC will need this cashflow to complete construction. The export margins look healthy, but first they need to secure the ore supply. This is the biggest obstacle in my mind.

3. Receival of A$3m from SI's - This would be a big indication of GMC's chance of success. These investors likely know much more about the project than any of us here.

4. Asian Investor Roadshow - I think this is will be the most likely source of funding. If GMC are solely relying on exporting untreated ore, the production timeline could push out an extra year. Unfortunately, this will mean further dilution.

Hamish has asserted that there will be no further dilution to the SP (supposedly), which likely means he'll give away a % of PT Gulf Mangan Grup, in line with the Pak Marthen deal. I'm not looking forward to doing the comparisons to that agreement.