The only theory I have about hiring the additional project staff is that one of the document requirements when applying for the IUP-OPK license - which, amongst other things, would allow GMC to sell untreated ore - is a "list of expert staff working on the project" - http://www.putranto-alliance.com/en...ess-advisory/mineral-processing-plant-smelter
They likely jumped the gun again, as, based on all previous announcements, GMC are perpetual optimists (or compulsive liars), but for the market to hear that GMC had already acquired this license, not long after the stock resumes trading - I think that would be significant news in terms of stabilising the SP. But now I'm probably being the optimist.
If that really were the case, it could also answer the question of where the rest of the funds are going to come from to reach production, because as far as I can see, they're still going to fall short. GMC needed between A$21.8m to $22.7m (both estimates were released 11 days apart) to get to production. About $3.2m of this was to get two smelters to Bolok. At a guess, they'll have spent half of that ($1.6m) to June 30.
The best case scenario is a fully subscribed CR (quite possible) and all 1.622 billion $0.005 options exercised (highly unlikely), which should leave GMC with A$19.4m, after paying Triple C's $720k placement fee. GMC stated in April that they expect the first two units to be commissioned and positive operating cash flow by Mar 2018. Be your own judge whether or not you think that's achievable, but that would also be another 9 months of salaries to factor in.
Based on this weeks' Prospectus and last month's notice of becoming a substantial shareholder, Tanah Capital held 11 million shares prior to GMC's suspension.
GMC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
