consider selling, page-12

I don't believe that all building and regulatory approvals have been met.

1 .GMC has received its Environmental License approval for the development of the Kupang Smelting Hub Facility from the Environmental Department of the Provincial Government, Kupang.

2. Gulf also received their IMB Licence (Building Permit) on 22 December 2017, with this, along with the Environmental License, completing the necessary permitting required to progress the smelting hub.

3. As previously advised, discussions to obtain the necessary permitting to enable the commencement
of the sale and shipment of manganese concentrates (>49% Mn) from Kupang are also progressing.

Failure to meet point 3 means that all approvals have not been met. In fact, all we know is that all necessary permitting to progress the smelting hub has been met.
With GMC you must read each word and not assume anything.

Separately, from 15 November, GMC is pleased to advise that it has finalised rental terms for the Bolok Industrial Estate Land Lease which covers the initial 10 hectare project site to be used for the development of the Kupang Smelting Hub Facility as detailed in the Land Lease Agreement (the “Agreement”) executed on 1 June 2017.

Not sure how you execute an agreement before finalising the terms.
Obviously GMC executed the Land Lease Agreement which referenced the Bolok Industrial Estate Land Lease, which is still only finalised, not even executed?

Given the Land Lease was the reason Tanah Capital didnt subscribe to shares at an effective price of $0.009, another big risk is the status of this Bolok Industrial Estate Land Lease , which is obviously still being negotiated or it would have been executed.

This land lease is very familiar to the Pak Marthen saga