Below are the conversion CP's: • all the approvals, authorities,...

Below are the conversion CP's:

• 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;
• Indonesian Ministry of Energy and Mineral Resources approval of the Project Investment;
• Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal or BKPM)
approval of the Project Investment;
• approval or acknowledgement from the Indonesian Minister of Law and Human Rights of the
Project Investment;
• execution of documentation for existing shareholders’ loans to PT Gulf, repayment of which
loans will now be subordinated to PT Gulf’s payment obligations in respect of the PT Gulf
Convertible Note and the Standby Facility, further key details of which are set out below;
• execution and delivery of a shareholders’ agreement among the existing PT Gulf
shareholders and PT JGI (“Shareholders’ Agreement”, further key details of which are set
out below;
• non-occurrence of any developments having or likely to lead to a material adverse effect on
PT Gulf;
• written report from PT JGI’s nominated tax advisor stating that, based on the information
provided by PT Gulf and the tax advisor’s own analysis, certain Indonesian tax matters have
been adequately addressed by PT Gulf;
• PT Gulf existing shareholder approval of the Project Investment and related matters; and
• any other Indonesian regulatory approval (if required) of the Project Investment


My guess is once they have received DSO approval this will complete conversion CP's.

Not sure if they also have to now gain approval from Gulf Shareholders at the meeting in 6 weeks time for the $10.8 million investment. Possibly why they have allowed a 6 week extension but I don't think this is the case. The fact that Fofo and co agreed to the extension shows the long term support and positive sentiment they have for the project. Also Hamish sounded very certain and mentioned that Gulf don't see any reason why this agreement won't be completed.

I agree with Green Thumb - I think the interview Hamish gave sounded very positive and he sounded quite sure of getting the DSO approval very soon as he said the last physical step was for Survey Indonesia to agree that there was adequate construction of the smelting hub, once this is done they will receive the license. They were on site last week so this should hopefully now be around the corner.

He also mentioned that shortly they will be announcing details regarding the acquisition of a mine as due dilligence has been completed. Interesting to see what the cost will be, guessing the funds from the $10.8 million will fund this.

Also they have 19 MOU's for the supply of ore in place which is great as commissioning is just around the corner.

May see a short term retrace to 1.5c to compensate for the dilution from the $10.8 million investment (which will not be done for another 6 weeks or so after approval from meeting ), (700,000,000+ shares and options).
However if sentiment and progress stays positive from above milestones being achieved I would think this would be offset quite quickly and we will possibly be seeing the 2.5c-3c mark, seeing resistance on the next run around the 3.4c to 3.6c IMO.

Project and funding progressing well for the longer term holders out there. Very exciting we are finally coming into the final quarter before production. I'm optimistic by nature but the progress being made is giving me no signs as to why I shouldn't be.

Once again keep up the good work Hamish and co!

Cheers guys n