Not looking good for GMC, page-168

I did and got burnt when GMC signed a deal with cornerstone investor Pak Marthen and have been pointing out the risks of investing in this ever since.

Pak Marthen was about 3 cornerstone investors ago (and that deal failed to complete). since then we have had:
1. Tanah Capital sign a Subscription Agreement on 7 April 2017, only to terminate it on 19 June 2017 - refer to announcement 23 June 2017

2. Indonesian Rp equivalent of approximately A$6 million Convertible Note to be issued by PT Gulf to PT JTS’s wholly-owned subsidiary, PT Jayatama Global Investindo (PT JGI) on 12 March 2018. The Conditions Precedent were not satisfied for conversion of this Note into equity on 31 August 2018, and the renewed date is now 12 October 2018 - 3 days away. If the conditions precedent remain unsatisfied, GMC will owe $6 million relating to this Convertible Note (and currently don't have ample cash reserves to pay it - refer to Auditor's note)

3. Signed Term Sheet with Bapak Dato Dr Low Tuck Kwong, high profile Indonesian businessman and President Director of leading Indonesian resources company PT Bayan Resources Tbk, for a 19.8% equity holding in Gulf Manganese Corporation Limited for $10.8 million. GMC didn't provide details of any conditions precedent.

In case the risk of being able to actually achieve financial close with a cornerstone investor was not enough, there is now the moratorium on mining activities issue which @mr.wiseman is all over.