I think the share price does reflect the amount of risk that is at stake here. Also is the aftermath of the breakdown of Pak's deal which put the company in a weaker position then before (4c).
Fofo agreed to a 1.5c subscription(yes with conditions attached - hence the risk attached). The current share price range of 1.2c-1.3c seems quite reasonable considering this.
If all the ducks line up these current prices I believe are very attractive.
Also considering there are some major milestones potentially being met in the next few months. Especially that of low to medium carbon high grade Manganese Alloy production and sales.
GMC Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held