That is a good presentation. It is especially good to see that...

That is a good presentation.

It is especially good to see that GMC will be applying for an export permit for untreated ore as soon as construction begins. No idea how long that process takes, but they're definitely going to need additional funds to complete construction.

I wonder if there are limits on how much ore can be exported with that license - that would be worth looking into. Also the availability of ore supply - surely that's been discussed somewhere on this thread before? Has anyone done or seen calculations on how much net profit per tonne this could generate?

The last "threat" listed on Page 22 is a little concerning: "Potential loss of export or other permits if milestones not achieved". GMC do not have a good track record of achieving milestones.

I also wonder if the 3-year offtake agreement begins once GMC start producing, or if it begun when the agreement was signed last November. It could be a 2-year agreement by time of production, if the latter is true, but the wording of the announcement indicates the former: "[GMC] has signed an offtake agreement with Renova Group (“Renova”) for the sale of up to 60% of manganese alloy produced from the Kupang Smelting Hub during the first three years of production."

But we learned from Pak Marthen's successful renegotiation of the original "binding" agreement that the contracts GMC sign contain clauses that can and will be exploited. The announcements only ever seem to state the best case scenarios. I worry now whenever I see the words "up to" - "up to 60% of manganese alloy produced ... Gulf will supply up to 30,000 wet metric tonnes per annum of manganese alloy to Renova".

It seems like GMC may just pull this one off though. I definitely feel more confident than yesterday.