On a diluted basis 2.6bn shares at $0.015 = $40m 1.65bn options...

On a diluted basis

2.6bn shares at $0.015 = $40m
1.65bn options at ($0.015-$0.005 conversion) =$16M

So currently $56M diluted market cap for 75% of project is the price of acquiring upside on market at $0.015.

But PT JGI managed to get $6M for 25% for the same upside (except they will only invest if certain terms are met including
transferring, from Gulf to PT Gulf, all of Gulf’s right title and interest in and to the two smelters at the Kupang Smelting Facility, and they will be owed $6M debt otherwise).

So basically PT JGI get the same upside for 6M. 18m (75%) / 56M on market = 32% of the existing share price

So PT JGI get the same upside and ownership of the 2 smelters for 32% of what some shareholders are paying for equity on market.

As always please feel free to correct me if I've got something wrong, but wowww this a bad deal...