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Thanks for the specifics itsyou - now we can look at the issue. Hopefully you will know the history and the resultant lack of funds - that is why they have not had the luxury of being able to go out and drill in sufficient quantity to be able to give revised JORC updates. But they have sufficient understanding to be able to target (don't ask me how - Im not a geo / miner) gold bearing rocket feed the mills. Yes you are absolutely right that ideally they would have all the low level detail but they don't - thankfully though they have been able extract gold.
Lets see what the coming weeks bring as we exit suspension and Robbie provides us with more operational updates.
The key message at the moment is that the company has weathered an horrendous 12 months or more after OCIM walked and the mine is still operating. POG is in the ascendance and if you follow gold commentators you will know that with global demand increasing and all the issues with interest rates / the FED and the $, then the price is likely to continue to rise in coming months - and the much unloved miners will see a rerate as a result.
So its easy to throw stones at the company at the moment and no one is saying anything other than its been a horrible journey BUT you have to give credit for Robbie hanging in there and busting a gut to make sure the company remained trading on some string finances and if he can do that, then I think he can go further and make good on the strategic goals o the company. Time to give him a little more time to deliver in my view. He is at long last able to afford to buy in more experienced resource to support him thankfully and he can concentrate on CEO activities rather than low level operational management.
JC,
I've already explained my point, in fact I've made the same point numerous times before on the subject of no drilling being done in the location they are mining. They did Trenching, but that's just near surface work. How can you know what grade/width(if any) is below without drilling it and yesterday's results show the need for this.
Using today's gold price and last year's AISC, they've produced around $457k operating profit from beginning of February.
But it says 'recommencement of production' so there maybe no previous production figures or very little.
Itsyou and JC, it's worth noting, for the purposes of your debate that Kili, under GCat is not at explorer developed greenfield project. There was a listed miner operating here before us. That's not to say the area has been fully explored and properly measured and documented. We know that some of the cash we are raising will be for that and expansion has always been the game here. But neither is it a case that a bunch of guys just pitched camp in a bit of Kenyan scrubland and started digging. I'm pretty sure the team have identified priority areas and low hanging fruit, with a fairly decent idea of what to expect. But how they have prioritised their digging has not been fully explained to us, bar you extrapolating from a single word not there, in a pretty brief update . As long as they're mining and hopefully cash positive, with some new (and welcome) appointments, then I'm comfortable that tomorrow's another day and once we have the cash to start exploring again, we can develop and grow into the sort of miner we all want to see. Crawl, walk, then run. For now, happy to be crawling.
Signs of life at long last - and recruiting new staff as well!
I said 5hrs ago more arguments to follow.. Jeez can't you guys just respect someone has a different opinion lol
There's been no arguing on here and it's been a calm & respectful atmosphere.
Itsyou - if you want to make a specific point then make it. If you want to make general slurs against me then try and do a better job - maybe add a little originality into your barbs - have at it! What do you have either way?
Over to you - it’s your turn itsyou.
JC,
No, all Gold Explorers.
You've clearly invested here without knowledge of the process from exploration to producer! One fooled every minute.
AISC - not AISDC
My calculation for what it is worth using conservative numbers
9077 g = circa 324 oz
POG say $1950
AISC say $1450 but hopefully lower
$500 net profit per oz x 324 = $162K for the month
Excludes ongoing audit costs / extraordnary repair costs
Ramp up production / lower the AISDC / benefit from higher POG / end to extraordinary costs - add your own figures.
Happy to be corrected on the above.
I forgot to add - POG nudging 2160 now....
Back to the punching bag....
RNS says 9000g of gold recovered. that is 9kg
Google gold per kilo and it says £54,000/kg
did they recover £486,000 in Feb
is that correct?
Spot on Apro.
Timelines have slipped horribly but this story is far from over - gold miners in general have lagged behind the POG movements and junior miners lagging behind the majors - and guess what, we are well down the loved list at the moment in the juniors.
Back to my Rocky theme - this underdog will have its day in my view.
Cue music again please......
Itsyou - and your point is?
When you say real companies - are you referring to large well funded mining companies as opposed to the position with Caracal which is a small miner with large growth plans and resources but at the moment a lack of investment capital to execute large expansion plans quickly?
The path you advocate would be welcomed by all Im sure - myself included but unfortunately as the companies history shows our proposed investment backer walked out at the 11th hour and the company has had to regroup and cut its csuit according to its cloth.
So if the company has kept the lights on which it appears to have done - to live another day and hopefully come out of the other end, shall we beat them up for having to bypass the part where you drill at every 50m space (or whatever JORC requires) when you don't have the funds for the drill or do you go with what you know and produce some gold in the meantime?
Means must. Its not pretty but whats the alternative? Easy to pontificate behind a keyboard but I sense that running a gold mine on a shoestring isn't easy.
Hats off to Robbie in my view.
Nice to see some activity on this BB and given the positive backdrop of POG @$2,150 this will be a massive accelerator for GCAT as it will put a very firm floor under the price.
If this is really a POG rerate (as many suspect) to $2,500+ then profits/ounce will multiple quickly as production leverage to the price will lift all producers with marginal producers getting the larger% rises
Fingers crossed
ATB APR
Average grade dropped from 2.51 g/t on last Ops update to 1.71 g/t and now no longer called High Grade in the RNS, as it clearly no longer is.
That's what happens when you mine and process Ore that hasn't been drilled, never had a JORC, never had a Feasibility study, etc...You're just guessing grades.
Real companies takes years following the correct exploration to production path, this one seems to think it can bypass them.
It's a great Rocky back story Swampmonster.
Going to have to rename Sharky to Butkus (if thats not too obscure a reference)!
Like any good thriller Swampmonster and this is a page turner - our hero was recuperating / training, biding his time, making plans and becoming stronger - cue some Rocky type music please - I want Robbie running up those stairs in front of Kenya's equivalent of the Philadelphia Museum of Art when we come out of suspension!
It was lovely here without you & JC, shame you both decided to come back... More arguments to follow.
Good to see that the rumours of our death were grossly exaggerated. Im sure that there is plenty more Robbie would like to be discussing that is still sensitive. But frankly, Im happy to take whatever tidbits are availible to help those who have been feeling anxious. Hopefully there is more to come.
Hey Sparky - I just got tired with the bashing and negativity here and decided to take a break until we had actual news to discuss. I am sure that the bashers will continue but I personally have never lost faith in Robbie's commitment to seeing this through. Its been an uncomfortable ride and wait but that appears to be coming to an end and the timing will be great for a junior miner such as GCAT to take full advantage of the rising gold tide.
That's 487 Troy ounces excluding the portion reserved for building the process inventory.
Apro - spot on - likely to get all of that but in a slightly different order - audit & accounts / relisting / prospectus - hopefully all in the not too distant future now. Our enforced patience is coming to an end it seems.