Ann: Change of Director's Interest Notice x 3, page-23

Dude you proclaim to be an "expert" yet basic research would of answered all your "concerns"

1. Cost of smelter installation and working capital USD17 million. Funding for stage One Production to be secured 1H 2018.
2. as I stated before they currently have $3.56mill. in the bank with more options to be converted (IMO)
3. Power costs USD $0.11/kwhr (price factored in profit margins)
4. Offtake agreement signed with Renova Group for the sale of up to 60% of manganese alloy – to be sold through Renova marketing subsidiary Afro Minerals.
▪ Supply agreements in place with four local manganese mining companies for supply of ore – additional agreements to be confirmed Q4 2017.

and this from Triple C brokers report 9/11/17 (This Research Report was not commissioned by the Company) - "Our valuation and price target for GULF assumes a base case of USD $1500.00 revenue per tonne of McFeMn and also assumes that only 2 furnaces are operational in 2018. The valuation also assumes full $12 million capital raise is honored as per GMC announcement 23/06/2017. Expected operating margin for 2 furnaces is $21.9 million USD. Assuming AUD/USD is $0.75, operating margin is $29.2 million AUD. This operating margin on a multiple of 4 gives a valuation of AUD $116.8 million. As an indicator to upside potential, it is to be noted that that GULF plans to progressively expand with, The Kupang Smelter Complex comprising of at least eight Furnaces, built in stages as the ore supply chain develops. It also to be noted that the spot price for MC FeMn - 78% Mn FOB China, Export as at June 2017 is USD $1,707 a tonne.

I think Rockets continual put down of GMC is driven by jealousy as GMC will take a portion of his beloved OMH's business & profit which in turn will devalue his investment.