31st May Deadline, page-8

The proceeds of the PT Gulf Convertible Note issue are to be used by PT Gulf to:
(i) repay an existing loan of the IDR equivalent of approximately A$1 million from PT JTS to PT
Gulf; and
(ii) fund construction of the First Two Smelters.

1. PT JTS (Fofo) put in A$1 million via a loan, that will need to be repaid out of the A$6M.

"As previously announced, and outlined in the March 2018 Quarterly Report, the convertible note
requires a fiduciary agreement to be registered in Jakarta. This was to be completed with a long stop
date of April 30th, 2018. This target was not met, and the long stop date has been extended to 31st
May 2018, a date that should be far enough out to ensure registration. PT JGI has however provided
A$1 million and a further A$1 million unsecured as a loan facility to be replaced from the A$6 million
once the Fiduciary Agreement has been registered. The loan is secured over 4.2% of the equity of PT
Gulf, being pro-rated on the 25.1 % due on conversion"

2. Fofo has put in an additional A$1 million, but still needs to contribute A$5 million (of which the first A$1 million repays the loan from point 1).

The point is that the March 2018 Quarterly shows GMC require $9.3million to progress activities between April and 30 June Quarter, but only had $3.6M cash as at 31 March 2018.

Hence the 31st May is critical, or GMC will not receive the additional A$5 million which they require (as per their projections).

6 business days and we will learn whether this is "downramping" or just fact