Bottom line is GMC can't fund it in time for their proposed...

Bottom line is GMC can't fund it in time for their proposed production start date, without significant investment from this Asian investor roadshow, which we haven't heard any recent news about.

Cash flow from acquiring an export permit will go a long way towards filling the funding gap, but it would take too long, and possibly push the start date out another year, or close enough to it.

Getting the permit is one thing - and I believe they already meet most (if not all) of the requirements, and we'll probably see an announcement soon that the DKPM has recommend them for one - but they still need to source enough local ore supply, which to me looks to be their biggest obstacle.

These are the pre-production capex requirements. They don't need all of the funding upfront, and my understanding is most of the A$3.2m towards acquiring the smelters had been spent prior to end of June. I've been meaning to go back over the announcements/financials to confirm that: