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Hopefully myself, Goldgnome and tibbs will have raised the right questions of coldspy to prevent anyone getting sucked into that shameful Cross ramp of GCAT yesterday.
I suspect GCAT will tank today.
Good to see there are some knowledgeable posters on here.
Ken23 if I may.
Siko posted these two regarding the Centamin court case last November.
—————
Court Case
15 Nov '22
Hello everyone,
I'm in Egypt now..
Do you still remember the court case?
Do you remember how it has been suspended because of an appeal in the Supreme Constitutional Court (SCC) against law
32 which prevented appeals against state contracts?
Well, I have been told that the SCC has finally decided to deliver the verdict on 14th January 2023.
———————-
Court Case
15 Nov '22
Hi Steve,
The SCC commissioners report has not been published yet, which of course will give a big hint about the verdict.
Last time their recommendation was to cancel the law as they thought it was unconstitutional. Seems like the SCC did not like the commissioners recommendation and asked them to reconsider their recommendation and re write the report.
The SCC does not have to agree with the commissioners or accept their recommendation, but it would be odd to go against their recommendation.
If the SCC decides that law 32 is constitutional, then no one could appeal against state contracts, then Centamin court case gets cancelled altogether as if it never existed because the law applies to all existing cases where no final verdict was delivered.
If the SCC decides that law 32 is unconstitutional, then the Supreme Administrative Court (SAC) starts Centamin case again at the appeal stage.
Remember that the initial court ruling was only to limit the area allocated to Centamin to 3km sq area because no signed contract was submitted for the 162km sq area, which Centamin has submitted later during the appeal (I sent a link here for the signed contract).
Moses,
Thanks for your reply
so you concur the 14th Jan is when the decision will be made on law 32 ?
Regards
Ken
In the Middle East Saturday is a working day.
Spot 64
Where did you get your information on the rolling of law 32 as thec14th is a Saturday and a rather unusual day to have a rolling.
I look forward to your reply.
Regards
Keb
Major stock indexes in Europe traded lower on Tuesday, as concerns over global economic prospects continued to linger. Despite some upbeat data reports that came in a day prior, bullish remarks made by certain Federal Reserve officials seemingly dampened the positive mood as interest rates are expected to remain in the restrictive territory for a while.
The DAX declined 0.40% at 8:00 am CET, while the FTSE 100 was flat at the same time. The Euro Stoxx 50 tumbled 0.87% at 8:01 am CET and the CAC 40 slumped 0.79% simultaneously.
The euro traded flat versus the dollar at 7:59 am CET, selling for 1.07342. The pound traded 0.07% below the greenback to go for 1.21713 at the same moment.
Baha Breaking News (BBN) / AY
Gold currently flat at $1872.00
Interesting new discovery by Endeavour, in the vicinity of Doropo. Always thought the area has huge potential and is underexplored.
https://www.endeavourmining.com/media/news/endeavour-makes-major-greenfield-discovery-cote-divoire-maiden-1.1moz-indicated-and-1.9moz
Suggests more synergy between Endeavour and Centain...
best
The Gnome
Having been involved with Nyakafuru and surrounds, I will rpedict the exploration upside is very limited...probably why Resolute would not hang onto it,...they certainly had a good crack at trying to find more gold ...
good luck
Hi Damo,
No I'm not a mining expert at all, although I am lucky to have made friends and fellow investors on this forum who are former mining professionals and long term holders,, I also have friends and mining professional contacts outside of this board whom I consult with on a pretty regular basis.
It's a case of knowing who to ask really and also more importantly who can be trusted to be truthful and building such relationships takes time!
Caracal Gold here some observation from a very experienced mining analyst
- It is not Toronto listed, but in London. This allows them to report much less stringently, something noticeable in the latest Financial only available up to 30 June 2022. At that time they had negative net current assets and virtually no cash. I could not see from news releases they raised more cash.
That leaves them pretty hamstrung.
- The company’s operations were very cash negative up to June 2022.
- Given a target rate of “expanded” production in Kenya of 25,000 oz per year you should ask your self if they will have the critical mass to carry the overheads of a listed company.
- The Tanzanian assets were previously owned by Resolute. You should ask yourself why Resolute did not turn these to account. The grades are OK’ish, but the dimensions of the individual deposits are very small. Without a proper technical report it is hard to get a handle on the merits of their mineral assets.
- Kenya is not a great jurisdiction and Tanazania has proven to be difficult as well.
This may well show a share price rise (the historical trend is however downwards), but it would probably through successfully hyping its prospects. Personally I find the risk/reward equation not compelling!
I think any investor needs to apply extreme caution on this one!
Tibbs
Fincent
I think you raise a very good point and observation.
My eyes tell me the same post (i will hold back from calling it a ramp) was indeed posted to 9 separate boards on LSE earlier this morning.
Extremely public spirited?, maybe.
DYOR
Hi Dasut,
Thank you for a very interesting explanation and insight into the realm of junior miners based on your own experiences which could well make a very interesting book that could appeal to a niche market!
Fincent, I agree with Coldspy sentiments that the juniors are the companies that have the opportunity to multiply their share price after all currently quoted at 0.81 of a penny for each share, £200 gets you about 25,000 shares so yes very much early days and full of risk but that is what penny shares are. GCAT do look to have considerable prospecting areas in known gold mining regions, Are they going to be another Geita, Bulyanhulu or North Mara, who knows?
All I can say is that I have seen mines develop from a lot less resource than both projects currently has at the moment.
Would I invest thousands noway, will I watch with interest most definitely?
Reminds me of the old days and a company called "Cluff Mining Resources" based in London owned by founder Algy Cluff who went where most feared to tread but he had some successes proving up resources that others ended up mining.
Let see if coldspy can answer my question to test his knowledge as I'm interested to know this very crucial aspect.
If not. Maybe a question for the GCAT bb?
If you go to the chat page for Pan African Resources (PAF) or Wishbone (WSBN) you will see that Coldspy has repeated there the supposed merits of GCAT. I find this a little strange and wonder whether he/she has some vested interest in GCAT doing well - or are they public spirited?
@coldspy
So Goldplat are finally out over at GCAT (and that took some churn!)
I'm finding it very difficult to track the share incentive awards highlighted in the original prospectus pre IPO for Caracal in terms of what has been awarded & sold based on production milestones as no up to date TVR and no Tr-1 and no comms around this which seems very strange? Also what will the fully diluted position be once all these shares are on the market?
What are your thoughts on this?
Coldspy Yes David Livingstone I presume and experience haha yes at the time not sure I would have added great because back then so called sealed roads were where you didn't drive because pot holes could rip the axles off the best reinforced Defender's. Offroad was far more reliable, but things have improved but light aircraft too and from the mines became the norm for comfort, speed and also efficiencies.
Getting too and from Mwanza also improved with regular flights from Dar Es Salaam.
Stories, experiences and anecdotes travelling in Africa are easy to share because they are all pretty unique to people who have never experienced what is a fascinating diverse continent, although I should also add can be very frustrating if you are travelling for work.
Hi Dasut ,Coldspy . Cowichan Tibbs Siko et al
Many thanks for sharing your tremendous expertise along with others of similar capabilities on this board. It is of immense value (sadly)to duffers in mining knowledge such as myself.
Bob
Wow DASUT, didn't expect that!
What a great journey and experience. Thanks for sharing
Kilimapesa is now 100% owned by GCAT and they've also got an interest in Nyakafuru.
Hi Spot,
Siko is keeping a close eye on both outstanding issues of Law 32 & the court case and will keep us informed as soon as any news is available.
Either the ratification of Law 32 or the a ruling in favour court in favour of EMRA & Centamin must at the very least be a great confidence booster and so surely have a positive effect on the share price.
If you recall until the court case is resolved some brokers "Westhouse Securities " for instance have discounted the share price by up to 20% in some instances.
.
Coldspy thanks for the tip I have had a look albeit early days looks quite interesting. Back in the day I have visited both locations or rather should say areas. I travelled From Kampala by Road through border crossing into Kenya, over night in Kisumu and visited a prospective mine on the northern shore of Lake Victoria. Then travelled south to Mwanza and enroute called into talk to another camp with geologists looking in the Kilmapesa area, before crossing into Tanzania signing the "visitors book" yes that was all I had to do to cross the border. Then on to North Mara then just a group of geologists working on what eventually became a mine owned by Barrick. Stayed in a safari lodge before taking a drive down to Mwanza where I would base myself at the Tilapia Hotel for visits to the now mines at Geita, Bulyanhulu, Golden Pride and the then long established Williamson Diamonds. In the Nyakafuru area I remember meeting an Australian geologist living in a tent with his Cat generator to run his little operation and the all important fridge to keep his beer cold. I am talking many years ago mid 1990's.
Yes sir Mr Tibbles
Is this the company?
https://caracalgold.com/investors/investment-case/
With gold flying it's the juniors that go on to outperform on an extended bull run.
CEY is likely to do well however it won't 2 x 3 x 4 x over the next year.
GCAT is a producer that's worth putting 10-20% of your gold exposure in . Fully funded with 100% owned mine, own rigs and processing, own lab for testing, etc.
£30m+ spent on mine, $13.5m non dilutive financing secured December.
Expansion of production under way.
Market cap £15m
0.8p to buy currently.
Broker target for year end 4.2p
I think you mean trading higher not lower- not checked all but Hang Seng, Nikkei, Crypt, FTSE, and S and P futures and gold all higher