Up to the end of April we have: * Update on Acquisition of...

Up to the end of April we have:

* Update on Acquisition of manganese mine.

* Smelters arriving on site ( On March 14th Hamish said he expected them to arrive in 5-6 weeks).

* Receipt of raised capital totaling $6,000,000 (If conditions stated are met).


Forgot to add that 2nd one in last time.

I'm thinking if we get the update of smelters arriving on site plus the receipt of cash we could see a potential re-rate around the 2c mark. With the new Indonesian investors agreeing to a price of 1.5c, one would think this is a discounted price to where they see the value in this project.

My interpretation is with the current amount of risk (conditions on convertible note as well as many others) and with the Indonesian investors agreeing at 1.5c this is why we are currently seeing buying and selling at the 1.3c mark.

As stated above I'm speculating we will see an initial re-rate around the 2c mark dependent on content and completion of updates this month. Once into production initially re-rating around the 3.5c-5c mark.

According to GMC's forecasted earnings from the first two smelters we will see (give or take) a P/E ratio of around 6.32 (this takes into account the 25% deduction to the Indonesian Group and conversion to AUD). An EPS of around 0.008.

I wanted to ask your opinions on where you see the share price movements over the next few months up until production and in the initial months following(according to Hamish June/July)?

Cheers