"The Company had a working capital deficit position of...

"The Company had a working capital deficit position of $5,656,829 as at 30 June 2018 (30 June 2017: working capital surplus of $4,388,159), incurred a net loss after tax for the financial year ended 30 June 2018 of $7,467,562 (30 June 2017: $5,363,308) and experienced net cash outflows from operating activities of $2,870,447 (30 June 2017: $1,540,903).
Whilst the Company is in a net asset position, the incurred losses and operating cash outflows indicate a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. The Directors however have prepared a cash flow forecast, which indicates that the Company will have sufficient cash flows to meet all commitments and working capital requirements for the 12-month period from the date of signing this financial report.
The Directors believe it is appropriate to prepare these accounts on a going concern basis as follows:
▪ the Company is working to develop a ferromanganese smelting and sales business to produce low / medium carbon ferromanganese allow in West Timor, Indonesia. The Company received its
operating licence for the Kupang Smelting Facility and its first shipment of structural steel had arrived from Weltes in Surabaya;
▪ the Company secured a cornerstone investment of A$10.8 million from Jakarta based companies. The Company will issue 714,597,448 ordinary GMC shares to Bapak TK Low at a placement price of A$0.015 per share for a total investment ofA$10,718,962 and 714,597,448 listed options exercisable
at A$0.005 per option expiring 30 April 2019;
▪ the Company and PT Jayatama Global Investindo agreed to extend the conversion date under the Convertible Note Agreement from 31 August 2018 to 12 October 2018;
▪ existing convertible notes are converted into equity as opposed to being paid in cash"

From the full year accounts, GMC is heavily reliant on the first 4 bullets to continue as a going concern.

In relation to:
Bullet 1 - There is a current moratorium on mining in the region
Bullet 2 - GMC have not disclosed any conditions precedent to this agreement, and are poor in closing transactions (see bullet 3)
Bullet 3 - the revised extension date is this Friday. If GMC fail to satisfy these conditions precedent the debt becomes payable, and they currently font gave sufficient cash reserves
Bullet 4 - The notes are only converted into equity if GMC satisfy the conditions precedent which they had failed to do by August 31 (The first deadline for achieving this)

Appendix 3Y 28th September shows Mr Sam Boon Beng Lee’s indirect interests (Held in the entity - BB Lee Superfund) - a substantial shareholder sell down 16million GMC shares and 27million GMCO options...

This is a big week for GMC especially if they fail to meet the conditions precedent and the convertible note becomes payable.