GMC: Where are we?, page-12

How did you arrive at $10-15m to get to production? It seems $21.8m was the original (and current) estimate. I know GMC has already put some funds towards the project - including from the recent placement to SIs - but from memory it isn't more than $2-3m tops. They are almost certainly going to need more funds after this placement.

It's no surprise either that the 3 directors are prepared to put up $20k each. This is needed at a minimum to inspire some sort of confident. But more to the point, if the CR is successful, Hamish gets a $150k bonus and Craig and Andrew get $60k each.

My big concern about the CR - aside from the obvious one of it needing to be successful - is the wording around the SI's $3.5m commitment: "The additional A$3,500,000 investment is subject to Gulf receiving the final land lease agreement" and "the Company expects the land lease agreement to be finalised this quarter".

I presume this means the June quarter, in which case there's no guarantee the land lease agreement will be finalised prior to the general meeting or subsequent CR. We could be voting and (some of us) committing funds based on yet another false expectation.

I am not a negative person by nature, but I have become very cynical about GMC.