In the announcements last year released by GMC, they also...

In the announcements last year released by GMC, they also specifically stated that funds were imminent from Pak Marthen.

As delays continued and the funds were not received, it was possible to infer that this just wasn't going to happen.

What followed was the last capital raising.

From the announcement on 15th November 2015 it stated:

"Final payment to Transalloys complete for purchase of first two smelters– refurbishment of smelters underway in South Africa - final inspection and shipment to Kupang site expected
Q4, 2017"

And also

"Management Commentary
Gulf’s Managing Director, Hamish Bohannan, commented:
“A key development earmarked for this quarter is the potential commencement of DSO sales which have the potential to generate significant revenues for the business during the construction phase"

We now know that neither was achieved in the quarter ending December 2017.

Without a DSO revenue source and with dwindling cash it's time to infer the likely outcome again.