The high power cost has been factored into GMC's operating...

The high power cost has been factored into GMC's operating margin - have you noted any over or under assumptions made in the rest of their modelling?

My biggest concerns remain: How are GMC going to fund the rest of construction? How much manganese supply can they access and where exactly will it come from? How much untreated ore are they allowed to export and what are the margins involved?

Reaching production has to be the most important goal, but this isn't adequately covered at all in the research report. They have A$6.3m in the bank and are assuming they'll receive any A$3m by the end of next month, with pre-production costs of US$17m (A$21.2m). That leaves a massive funding gap, and is the reason the SP is unlikely to appreciate until a plan is put forward to address this.

I'm a shareholder who wants this project to succeed, but GMC (and Triple C) keep ignoring the big questions.