Here's a comparison of the dilution under Pak's buy in approach...

Here's a comparison of the dilution under Pak's buy in approach versus a CR.
1. Based on $500M Project
A. Pak Approach

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	Pak's Funds ($M)	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0
1	Pak's Stake	10%	15%	20%	25%	30%	35%	40%	45%	50%	55%	60%
2	Shares (m)	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800
3	Project ($M)	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0
4	GMC's Project Share ($M)	$450.0	$425.0	$400.0	$375.0	$350.0	$325.0	$300.0	$275.0	$250.0	$225.0	$200.0
5	Share Price	$0.25	$0.24	$0.22	$0.21	$0.19	$0.18	$0.17	$0.15	$0.14	$0.13	$0.11
6	Effective Dilution	10%	15%	20%	25%	30%	35%	40%	45%	50%	55%	60%

B. CR to SI

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	Capital Raising US ($M)	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0
1	Capital Raising AUD ($M)	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0
2	Effective Raising Price	$0.0075	$0.0100	$0.0125	$0.0150	$0.0175	$0.0200	$0.0225	$0.0250	$0.0275	$0.0300	$0.0325
3	Additional Shares (m)	1,738	1,304	1,043	869	745	652	579	522	474	435	401
4	Total Shares (m)	3,538	3,104	2,843	2,669	2,545	2,452	2,379	2,322	2,274	2,235	2,201
5	Project ($M)	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0	$500.0
6	Share Price	$0.14	$0.16	$0.18	$0.19	$0.20	$0.20	$0.21	$0.22	$0.22	$0.22	$0.23
7	Effective Dilution	49%	42%	37%	33%	29%	27%	24%	22%	21%	19%	18%

2. Below based on a $250M project
A. Pak Approach

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	Pak's Funds ($M)	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0
1	Pak's Stake	10%	15%	20%	25%	30%	35%	40%	45%	50%	55%	60%
2	Shares (m)	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800	1,800
3	Project ($M)	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0
4	GMC's Project Share ($M)	$225.0	$212.5	$200.0	$187.5	$175.0	$162.5	$150.0	$137.5	$125.0	$112.5	$100.0
5	Share Price	$0.13	$0.12	$0.11	$0.10	$0.10	$0.09	$0.08	$0.08	$0.07	$0.06	$0.06
6	Effective Dilution	10%	15%	20%	25%	30%	35%	40%	45%	50%	55%	60%

B. CR to SI

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12
0	Capital Raising US ($M)	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0	$10.0
1	Capital Raising AUD ($M)	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0	$13.0
2	Effective Raising Price	$0.0075	$0.0100	$0.0125	$0.0150	$0.0175	$0.0200	$0.0225	$0.0250	$0.0275	$0.0300	$0.0325
3	Additional Shares (m)	1,738	1,304	1,043	869	745	652	579	522	474	435	401
4	Total Shares (m)	3,538	3,104	2,843	2,669	2,545	2,452	2,379	2,322	2,274	2,235	2,201
5	Project ($M)	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0	$250.0
6	Share Price	$0.07	$0.08	$0.09	$0.09	$0.10	$0.10	$0.11	$0.11	$0.11	$0.11	$0.11
7	Effective Dilution	49%	42%	37%	33%	29%	27%	24%	22%	21%	19%	18%

Points of note:
1. The effective dilution is independent of the Project valuation (obviously)
2. Under the Pak scenario, we would have had a local Indonesian with skin in the game and local connections - so the effective dilution could be lower under the Pak scenario to compensate for this factor.
3. Our baseline effective dilution was 10% with Pak Marthen involved (and having skin in the game). How management's performance should be assessed going forward should be relative to how much we are additionally diluted.