Ann: Gulf Investor Presentation, page-58

The only cash flow GMC will be able to generate any time soon is via securing an export permit for untreated ore, although the profit margin remains unclear (I haven't seen any estimates) and they also still need to secure the ore supply.

Total pre-production cost was estimated at A$21.8m, so GMC will need to spend another A$15-20m before they're producing any concentrate, and we'll either be trading or in administration long before they've secured the rest of those funds.