Crap company, Sack the board, page-94

There are some many "facts" that have been misconstrued in the above.

1. "after this was announced the share price was on the rise and once at 4.2c (slightly inflated based on hype of announcement)"
I agree, but I wouldn't say slightly inflated, as it dropped to $0.006 after this investor failed to come through with the funds.

2. "The new Indonesian investment group who have funded the majority of the $15million which will now get this through to production have agreed to subscribe at 1.5c."
This is simply not correct - I urge you to refer to the company announcements, the Indonesian investment group are only contributing $6.0M, for which they receive 25% stake in the Project and title to the two smelters, leaving GMC with 75% of the project.
The remaining funds come from other sources, not the Indonesian investment group.
Importantly, the $6.0M from the Indonesian investment group is conditional on fiduciary agreement by 31st May 2018 - only 15 business days away. With each passing day, the risk of this not being met (given GMC's history with Pak as you mentioned in your post) increases.

3. "The new Indonesian investment group who have funded the majority of the $15million which will now get this through to production have agreed to subscribe at 1.5c."
The funds come from:

A$2 million Converting Notes issued by Gulf to Eighteen Blue Investments Pty Ltd,
together with 1-for-1 free attaching listed options - The Company has issued 133,333,333 Converting Notes at a face value of 1.5 cents each, and will issue 133,333,333 free attaching listed options (GMCO) exercisable at 0.5 cents and expiring 21 April 2019. (This is an effective price of $0.009).

A$7 million standby facility to be available to provide additional financial loan facility, if required, during construction / commissioning phase - this is debt, it has not subscription price and needs to be repaid.

A$6 million Convertible Note to be issued by PT Gulf to PT JTS’s wholly-owned subsidiary, PT Jayatama Global Investindo (PT JGI). The Convertible Note will automatically be converted into 25.1% of the equity of PT Gulf by way of new shares to be issued by PT Gulf to PT JGI (“Project Investment”) upon achieving the following conditions precedent (“Conversion CPs”)
The investor that you refer to gets issued with shares such that for $6M they receive 25% of the company

The Indonesian investor is getting 25% for $6M secured against the smelter.
This means GMC shareholders are left with the remaining 75% (without title to the two smelters) 2,650m shares and 1,635m options at $0.005 = $43M for 75% (or $14M for 25%)

4. "That is when I believe this will re rate to a fair value around the 3c-5c mark."
5c with 2,650m shares and 1,635m options implies a value of $206M for 75% of the project.
(and $70M for a 25% stake).
We are talking about GMC that have still yet to deliver the smelters on site. Anyways, if this investor believed their 25% stake would be worth $70m, and their buy in price is $6M - surely they are jumping at this opportunity?

Good luck to you, but I think you need to re-read the announcements objectively for what they are worth and not try and bias them.