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Reality is they didn’t have an auditor and it didn’t start until this year though.
The progress they made was internal. The reference to a lack of auditors to complete fieldwork is the key phrase in that.
Daniel
I would agree with you over a few weeks delay but this dates back to November 1st RNS ! see below
1 Nov 2023 07:00
RNS Number : 9408R
Caracal Gold PLC
01 November 2023
Caracal Gold plc
('Caracal' or the 'Company')
Delay to Publication of Annual Report and Accounts
Further to the announcement on 24 October 2023 regarding the Delay to Publication of Annual Report and Accounts, Caracal is clarifying the reason for delay in publication.
The Company has made good progress on the audit for the year ended 30 June 2023. However, due to a lack of internal resource, difficulty in arranging field work with the Company's auditors, the reduced number of auditors willing to undertake work for Public Interest Entities ("PIE") (such as the Company) and the Company's own cash constraints, the Company is unable to complete its audit within the required timeframe. The Company has since raised further funds and taken on further consultants to assist the Company to meet its reporting obligations going forward.
Each to their own but I'm doubtful this will come back, 40% chance at best.
Audit typically takes a few weeks. That's without an onsite element for a mine too.
Then on top of that you've got the element of it being a new set of auditors so they're likely to be challenging some previous decisions.
Basically, it isn't quick. It's getting on a bit now but I'm not surprised accounts still weren't sorted at end of March. I'll start to worry if we're waiting much longer than a fortnight from now.
What on earthworks are they doing with the audit and getting the shares relisted?. There will for sure be an exodus of shareholders when they do finally get trading again and they can "reset" their story. What I am completly flummaxed about is why its taking soooo long. They are more inept than I think or some really bad news is lurking out there .
Frustrated is now an understatement ! Rant over
I've dealt with numerous board members in various companies on a professional level.
Some are more engaging than others regarding shareholders but they all understand that a shareholder today may not be a shareholder tomorrow, therefore the behind the scenes mindset is quite different to the public perception put forward.
A big misconception for shareholders is to feel truly aligned with insiders.
As a note Ive not had replies to emails either of late.
I would guess they are getting a lot in, hence not respinding due to time constraints, but all the more reason then to due something more public like an interview.
JC
Fair play if you think Robbie can turn this around. The longer this goes on though and with no comms is very concerning.
For me while they are in suspension they should be engaging with shareholders what is going on at Killi etc so they are making an effort I have emailed 6 times while they have been in suspension… no reply, is it that hard for someone in the company to ping an email which would only take 2 minutes …
The lack of ops update, time in suspension and any comms looks like this is heading only one way unfortunately.
Good luck all
Good post and agree on these points , for me at this stage he main thing it to get relisted, then we can all make our choices whether to stick or twist as it were .
If they were actively carrying on VIM exploration and getting results it would be easier, I know smaller explorers that have carried out such work without the constant loans . It's almost as if they got so hung up on the plant they forgot about VIM and Tanzania .
Anyway, let's see
So by my own estimations, working capital, FCA etc everything is pointing to end of June crunch time.
By my calculations RM has 5.5m shares left to issue from the prospectus. £16.6k
They should have focussed on Kili. A lot of us said so at the time, and feared RM was taking on too much too soon with the TZ assets, and sadly that's exactly how it turned out. I've always had a doubt about the MRE put out by GCAT re Kili, but a lot of that is down to the general distrust that RM has created with how he has gone about things plus the fact that Goldplat walked away from it. Was the MRE independently verified or was it the company's own calcs?
Very balanced post Zan as always.
I do agree that it is in part a bit of smoke and mirrors, although thats not much different from most microcaps and their respective reporting of info.
Killi as it stands only has a smallish resource. If it was a new build so to speak I think most would steer clear as the return on plant build capex prob wouldn't make it viable to obtain the capex funding, however, its not a totally new build site and thus I think it can just about get away with its smaller resource ( For me anything under 1 mil oz I view as smaller).
It must be noted to that JORC resource is very different for a proved reserve falling under the indicated level. Killis indicated amounts are much smaller and usually funders like most DFS's only use indicated and above in there calcs for figures.
Now, that may appear negative, and I'm sure it is a big reason why its proving difficult to get going here, but, for me anyway, GCAT was about the potential, over the current. I always knew Killi was a small resource, but I liked the potential of the other plots which were so close by i.e. Vim etc.
I viewed it as Killi would be the inital cash generator to help fund the exploration of the other nearby plots, which if proven as good, would allow the company to go to the market asking for larger funds to build a bigger plant to deal with the larger resource.
My expectations were that this method would take longer, but require less raises on route due to killi producing and this was in many ways what Robbie and the team sold the project as i.e. 24k by year end comments several years back.
Its not turned out to be remotely like that as we all know, but the plan can still take shape, but the question we are all waiting on is if Robbie has what it takes to get us out of the situation he has put us into.
Some on here think he will, some don't. I'm as yet undecided. Past evidence says he doesn't in terms of ability, but he has proven resilient, which is a strength.
Zan I think the $millions wasted on Tanzania will be dead money for several years to come but it was used straight away to make the company look bigger than it is.
Kilimapesa is 670k - 700k ounces producing resource whereby Tanzania's 600k ounce resource will probably won't happen for at least 5years (if it ever does).
Combined resources are 1.3m ounces, a bit of smoke and mirrors to make it look like 1.3m ounces on a producing resource.
'Caracal Gold PLC, the expanding East African gold producer with over 1,300,000oz JORC compliant gold resources'
I disagree there SW. Yes gold prices are awesome right now, but that doesn't mean everything should be bags of cash or your failing.
Production as an entity is as we all know is only one part of the process. Its having enough production to make your opex or aisc less than your outlays and that generally requires larger numbers in terms of tonnes put through whatever system is used.
GCATs problem has always been that it didnt have the ability to run enough dirt through its systems to make the project viable, hence the requirement for capital to increase production abilities.
That problem still stands today and imo would likely still stand if gold was at over 3000 per oz.
The higher prices help, but you still need the equipment to take be able to process the dirt.
We simply don't have the right equipment working at a decent level right now to make the company viable.
Secondary to that then becomes hows any money made is used. If say we managed to make 500k in a month profit, but spent it exploration drilling leaving us back at broke, we still end up in the same place of not having enough available cash to do upgrades etc.
There has been points in the past when money wasn't so tight. Has it all been used well? Without any recent accounts its not easy to tell, which is again a problem.
- Agreed JC, that would be nice to see.
Sadly, all we can do is wait so people may as well be getting on with better things .
Gold price is in out favour, if they cannot make a successful business with this it was never going to work
Jersey.
Just a little anxious after loosing £26k on Rambler recently.
Perhaps ominously, GCAT has also they stopped tweeting?
Generally, when a company moves away from the structure of quarterly updates, it's not going to be good news for shareholders.
The last quarterly update here was Q2 2023, that update contained increased production figures from the high-grade zone material.
The high-grade was forecast by the company to be used up by the end of Q2.
There's been no further update on whether more has been found, therefore the production from Q3 onwards has only contained low-grade material.
Also, some of the equipment has been stood down pending upgrades, which will have a dramatic effect on the production levels from Q2.
The company doesn't need to do an interview when there's a Q1 update due now.
RNS contains all relevant information without the ramping.
Dalesman
Don't panic !
:-)
There is no denying that the silence is deafening at the moment.
That simply can't continue as we approach 6 months in suspension - an extremely uncomfortable 6 months for all holders.
Given the milestone approaching I am expecting a market update in the near future - the company can't avoid it.
I have never hidden my positive support for the company but fully understand the level and sense of frustration here.
The only advice I would offer is make decisions on news and not out of frustration.
I agree Zan with your suggestion on a Stockbox interview - I would go a step further and hope it is followed by a video walk through of the production facility and mine.
GLA
An audit doesn't or shouldn't take 5 months plus. The problem is we don't actually know when the company started the process. We have verbal stuff saying, audit on track etc going back to end of Nov, given out via tweets etc, however as we know, Robbie is very loose with the truth at times as seen historically on many occassions and as such we can't assume the audit has been underway for 5 months. For the accounts to be audited they also first need to have been made. Its possible, if not looking likely, that the accounts weren't done at all, which explains the time a bit more. You also have the back and forth with the FCA possibly, if the audit/accounts had errors (although after an audit you would hope not).
5 months is an absurd amount of time to complete the financials for what is in effect a very small company, but there can be explanations. My main problem isn't the time taken, its the total lack of comms by the BOD around the process. A simple stockbox interview to explain whats going on would sooth a lot of worries I'm sure.
I am a big believer in the line "what isnt said is important" and thus if it was going well, they would be shouting about it.
I now have to agree ' dispite no wanting to believe all the negative posts for months now.
I'm now thinking...... We're all Doomed