GEM AGM was yesterday. Agree with above opinion that $400k PA...

GEM AGM was yesterday.
Agree with above opinion that $400k PA does seem excessive for a junior explorer that is not even publically listed.
Also GEM is seeking a name change, share consolidation, and an eventual IPO.
It seems the Geko project is essential to this IPO.
But as stated in the July GEM update GEM are:
"In discussions with several financial institutions for the working capital funding required for the project"
And the project is conditional on:
"Securing a working line of capital credit or gold loan"

There has been no GEM update on this funding.
Likely GEM still has no funding.
The Geko project is key to the possible GEM IPO in the future. Without Geko the IPO is likely dead.
GEM will do anything to hang onto the Geko project.
This is how I see it.