Ann: Gulf Investor Presentation, page-5

If they begin exporting ore, they may be able to raise the rest required with a small debt facility (particularly with exercise of options) - the ideal outcome - as no further dilution.

Then provided there is no issues with Indonesian corruption/offtake issues/ore supply issues - i.e they make it to production, GMC could certainly achieve ~$300m MC. At least 18months off if not 2 years, but for those patient, there could still be a mammoth reward (500% profits from the CR at least, should the stars align for GMC)

The incredible profitability of the project is indisputable now, definitely contemplating holding now rather than selling.

The first signal will be whether they are able to raise $12m in the CR. If that occurs, the SP may in fact hold in the 2c range on open.