Ann: Gulf Company Update, page-149

Absolutely I did and I haven't changed my position. Im still aiming for 8c -10c once smelters are producing.
As I have said when they get the first two smelters up and running this will be a different story. Unfortunately getting messed around by Pak has put GMC into the position it is in now. We do know where the 12mill has gone. It has gone to advancing the project.
They have paid for 2x smelters and the construction of the smelting hub plus the costs to run the company. The delays have also lowered the cash levels.
They will simply raise money to get to production if required. If the previous Soph investors were happy to supply to the sum of 12mill in the last capital raise there is no doubt they can raise enough to get to production. I can see and appreciate the issues you raise but it is highly unlikely that insolvency is on the cards.

Cheers