Ann: Gulf's Kupang Smelting Hub Facility Fully Funded, page-30

You are spot on

"
PT Gulf Mangan Grup (“PT Gulf”) will issue a convertible note, in an Indonesian Rp (“IDR”) principal amount equivalent to approximately A$6 million, with a zero percent interest to PT JTS’s wholly-
owned subsidiary, PT Jayatama Global Investindo (“PT JGI”) (“PT Gulf Convertible Note”). Upon satisfaction of the agreed conditions precedent, the PT Gulf Convertible Note will automatically be
converted into 25.1% of the equity of PT Gulf (“Project Investment”)."

A$6 million for 25.1%

Means A$18 million for the remaining 75% that GMC are left with.

At $0.015 with 2.6 billion shares on offer (and not including the options) = GMC has market cap of A$40 million....

These are the facts, make your own conclusion....