Key highlights and important points GMCO & GMC

All noted by the company
Points taken and these are key
- Production will be a premium quality 81% manganese alloy
-Value adding ores is strongly encouraged by the Indonesian Government to enrich the country's mineral endowment
- Operating costs will be 80% of industry average*
- Capital Costs US$66 million spread over 5 years. The project requires a modest start-up capital investment of US$66 million ****** From what we know
The proposed cornerstone investment from PM is US$10m for 10% equity in Gulf's Indonesian based subdsidiary ---including a 6 month option to invest a further US$7million.... Why would he do this? He sees big things ahead.
- The financial analysis of the Study shows that the project has the potential to return a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of US$ 374.7 million over a 10 year period supporting an estimated Net Present Value of US$ 160.6 million, using an 8% discount factor

Value proposition by the company:

• Sound project economics
• Operating costs at 80% Industry average cost
• Highest quality ore supply (+50% Mn)
• Producing a premium manganese alloy (78% Mn)
• Established port and infrastructure
• Government full support, fiscal incentives, tax holidays
• Board/Management depth with Indonesian and manganese experience
• Global sales network
• Modest capital requirement
• Early cash flow
• Robust dividend policy with 50% of profits to be distributed

Those that decide to sell are giving us long termers more shares. I will pick up at the dips quietly.