Thats best case, if PT JGI do convert, if the conditions are...

Thats best case, if PT JGI do convert, if the conditions are satisfied.

One of the conditions is:

"all the approvals, authorities, certificates, consents, licenses, permits, registrations, rights, variations and waivers which are necessary or desirable for PT Gulf to have, hold or obtain in its personal capacity in order for PT Gulf to be able to:
(i) carry out its business activities;
(ii) import all chemicals and materials required for its business activities;
(iii) process and refine manganese ore;
(iv) export manganese concentrate; and
(v) export manganese alloy;"

GMC have still not received these approvals - for what 18 months.

Now if they don't do so in 5 months, they will need to find A$6 million.
(Plus the $2M note the received today).
Plus the $1M convertible note with Lee.

So if this comes off, GMC have given up 25% of the project for $6M.

If it doesn't well GMC will have to find A $9 million.

This takes risk to a new level.