GULF MANGANESE CORPORATION LIMITED Gulf Manganese Corporation Limited (ACN 059 954 317) (Company), hereby gives notice to shareholders of the Company that, in relation to the Notice of Annual General Meeting dated 27 October 2015 (Notice of Meeting) in respect of a general meeting of members to be held at 1.00pm (WST) on 27 November 2015 at Level 2, 78 Mill Point Road, South Perth, Western Australia (Meeting), the Directors have determined to amend the terms and conditions of Options to be issued pursuant to Resolutions 6 and 7 as set out below and, accordingly, to amend the information contained in Schedules 2 and 5 of the Notice of Meeting provided to Shareholders as set out in this Addendum to the Notice of Meeting.
Definitions in the Notice of Meeting have the same meaning in this Addendum to the Notice of Meeting.
Resolutions 6 to 7 each seek Shareholder approval for the grant of Options.
The exercise prices for the Consultant's Options and the Placement Options are set out in the Notice of Meeting as being 5 cents each respectively.
The exercises prices in each of Schedules 2 and 5 are to be amended to 2 cents each, respectively, and the new clause (b) in each of the Schedules should read:
'(b) Exercise Price
Subject to paragraph (j), the amount payable upon exercise of each Option will be $0.02 (2 cents) (Exercise Price).'
GULF MANGANESE CORPORATION LIMITED
78 Mill Point Road South Perth WA 6151 Ph: +61 8 9367 9228
Fx: +61 8 9367 9229
Em: info@gulfmanganese.com www.gulfmanganese.com ACN: 059 954 317
Gulf Manganese Corporation Limited is an Australian registered company (ACN 059 954 317) listed on the Australian Securities Exchange (ASX: GMC) with its head office in Perth, Western Australia.
The company is developing an ASEAN focused manganese alloy producer. The facilities based in the West Timor capital Kupang will take advantage of the low cost of ore, labour and power being the majority of operating costs. Production will be a premium quality 78% ferromanganese alloy resulting from the unique qualities of the lndonesian high-grade low impurities manganese ore.
It is proposed to build 8 furnaces over a 5 year period for a total capital cost of US$66m funded by an IPO on the Catalist board of the Singapore Stock Exchange raising $US25m, modest project debt and operational cashflow.
The first furnace aims to come online July 2016, with a further two furnaces each year, 2017, 2018, 2019 and a final one in 2020. Each furnace has a capacity of 20,000 tonnes alloy production per year and on today's alloy prices producing US $22m revenue.
The financial analysis of the redrafted Study shows that the project has the potential to return an EBITDA of US $374.7 million over a 10 year period supporting an estimated Net Present Value of US $160.6 million using an 8% discount factor.
The project requires a modest start up capital investment of US $66 million, which is staged over 5 years and provides estimated returns supporting an internal rate of return of 55.6%.
Value adding ores is strongly encouraged by the lndonesian Government to enrich the country's mineral endowment thereby enhancing the economy and creating employment. GMC will benefit from the Government's Financial lncentives Programme which effectively will result in a 10 year tax holiday, together with other tax exemptions.
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Ore Processing Tapping Alloy
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Developing Premium Indonesian Manganese Alloys
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