Ann: Gulf's Kupang Smelting Hub Facility Fully Funded, page-36

WOW! Fantastic news for the long term holders.

We have secured the funding to get this through to production. As I see this its the ultimate outcome (production from first 2 smelters) for the year.

Yes I have to agree that it comes with a few strings attached (conditional requirements) and it is not the ideal way to receive the funding as there is 25% equity given up for $6m however funding received none the less.
The two smelters are simply a security for the note - big deal. Just an insurance as any good investor would include.

GMC have pulled this off despite PAK setting us back 6 months (we will see August 30th) so you have to applaud them for that.

This is a massive step forward for the company and a fantastic update for shareholders.

Cheers