GMC: Where are we?

Currently we await confirmation of the signing of the final land lease agreement. Following this will be the completion of a minimum A$3.5m CR.

THEN once the CR is complete we will be out of suspension...

THE CR:
If GMC manages to raise the full $12m then post raise there will be 2.3bn shares and 1.7bn oppies or 4bn shares fully diluted - i.e an MC of $40m @ 1c.

With the exercise of all the oppies GMC will have $21.5m cash (enough for production) or an EV of merely $18.5m @ 1c.

The future:
It appears we need approximately A$10-15m to completely refurbish the smelters and commence production (?). Therefore the CR will need to be more towards the maximum amount. Should we make it to production (i.e a signed final lease, successful large CR, offtake partner still exists?) there is still significant hope/upside for GMC.

With two full smelters in production...
Assumptions:
- each smelter has the capacity produces 20ktpa (confirmed by the company)
- Cost US $793/t (confirmed by the company, albeit a while ago - hopefully re-confirmed soon)
- Sell US $1800/t (approx current spot price, is rising!)
- Conversion to A$ 0.6/US
- 100% ownership
- PE 9
- Fully diluted

= approximate MC of ~A$600m or an SP of 15c

The target to commence production is within a year.

Will YOU be taking part in the CR?

Please correct me if any of the above information is incorrect.

GL to holders, some good may come out of this debacle yet, manganese is an extremely bullish commodity and the Kupang smelting project has the potential to be extremely profitable for all involved!