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Quantitative Equity Report | Release: 02 Jun 2018, 00:58 UTC | Reporting Currency: AUD | Trading Currency: AUD | Exchange:XASX Page 1 of 4 Gulf Manganese Corp Ltd GMC QQQQ 02 Jun 2018 02:00 UTC Last Close 01 Jun 2018 0.01 Fair ValueQ 02 Jun 2018 02:00 UTC 0.02 Market Cap 01 Jun 2018 r Basic Materials 2014 2015 2016 2017 2018 There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc., is responsible for overseeing the methodology that supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities. For information regarding Conflicts of Interests, visit http://global.morningstar.com/equitydisclosures Company Profile Gulf Manganese Corp Ltd is focused on developing a ferromanganese smelting business in West Timor, Indonesia to produce and sell medium and low carbon ferromanganese alloy. Price vs. Quantitative Fair Value Quantitative Scores All None 41 Undervalued 97 Quantitative Uncertainty Very High 25 Quantitative Moat Valuation Rel Sector 51 96 39 44 Rel Country 51 93 42 31 Overvalued Country Median 0.86 16.7 13.7 11.5 19.5 4.10 1.9 2.7 Country Median 12.8 6.8 436.7 Country Median 0.6 506.4 1.3 0.2 -80.0 -66.7 250.0 -64.3 -20.0 -76.5 -63.4 243.6 -90.2 -18.5 — — — — — — — — — — -0.2 -0.4 -4.5 -3.8 -7.5 — — — — — 2013 2014 2015 2016 2017 100 — — — — -71.4 — — — — -165 -2,481 -1,541 -2,302 -4,979 — — — — — -530 -5,623 -2,595 -2,903 -5,363 — — — — — -224 -228 -372 -5 -3,015 -712 -1,030 -1,649 -2,333 -4,556 -712.5 — — — — -0.04 -0.22 -0.03 -0.01 0.00 — — — — — -0.05 -0.04 -0.03 -0.01 0.00 — — — — — 0.04 0.07 0.00 0.00 0.00 17 82 320 1,366 2,531 -73.4 -1,853.0 — -122,380.4 -113.2 -35.9 -418.8 -281.4 -235.3 -90.3 -530.2 — — — — 0.07 — — — — 1.9 — — 2.0 1.2 100.0 — — — — -164.6 — — — — — 317 — — — 834 -227 -836 841 8,637 0.1 — — — — Total Return % +/– Market (Morningstar World Index) Trailing Dividend Yield % Forward Dividend Yield % Price/Earnings Price/Revenue Morningstar RatingQ QQQQQ QQQQ QQQ QQ Q Financials (Fiscal Year in K) Revenue % Change Operating Income % Change Net Income Operating Cash Flow Capital Spending Free Cash Flow % Sales EPS % Change Free Cash Flow/Share Dividends/Share Book Value/Share Shares Outstanding (Mil) Profitability Return on Equity % Return on Assets % Net Margin % Asset Turnover Financial Leverage Gross Margin % Operating Margin % Long-Term Debt Total Equity Fixed Asset Turns Financial Health GMC AUS r Undervalued Moderate 51 Fairly Valued Source: Morningstar Equity Research Valuation Price/Quant Fair Value Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Trailing Dividend Yield % Price/Book Price/Sales Profitability Return on Equity % Return on Assets % Revenue/Employee (K) Financial Health Distance to Default Solvency Score Assets/Equity Long-Term Debt/Equity Growth Per Share Revenue % Operating Income % Earnings % Dividends % Book Value % Stock Total Return % Sector Current 5-Yr Avg Median 0.78 0.97 0.89 — — 15.3 — — 12.1 — — 9.2 — — 16.7 — — 2.07 2.6 11.1 1.6 — 10.8 1.2 Sector Current 5-Yr Avg Median -73.8 — 11.3 -58.9 -212.3 5.7 — — 806.7 Sector Current 5-Yr Avg Median 0.5 0.4 0.6 518.0 — 487.0 1.2 -0.1 1.4 — — 0.2 TTM — — -3,095 — -3,496 — -7,562 -9,371 — 0.00 — -0.01 — 0.00 2,531 -73.8 -58.9 — — 1.2 — — — 8,637 — Scores 1-Year 3-Year 5-Year 10-Year Mar Jun Total ——— ——— -71.4 273.8 — — — — — — — — — — — — 494.1 -75.8 -39.8 — -71.4 -22.5 -43.6 -45.6 30.4 Mil Semi-Annual Revenue & EPS Revenue Growth Year On Year % Revenue () — 2017 Sep Dec —— —— ————— ————— — 2016 2015 2014 Earnings Per Share () 2017 — 0.00 — 0.00 0.00 2016 — -0.01 — 0.00 -0.01 2015 — -0.02 — -0.01 -0.03 2014 — -0.08 — -0.13 -0.22 2013 2014 2015 2016 2017 © Morningstar 2018. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report. ® Sector Industry Country of Domicile Industrial Metals & Minerals AUS Australia 2019