London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
He is like a dog with a bone and got the gold at $2400 per ounze and rising
I’m with you Mickey
ATB
JC.. are you saying Robbie is going to turn this around?
Well his track record doesn't fill you with hope or show any abilities capable of running a listed company, i.e., failing to submit accounts two years in a row, but history doesn't equate to the future so who knows, he might.
I personally hope he does for reasons that are clear aka my pocket lol.
Thing with micro caps is sentiment can change fast.
Robbie has to get the company unsuspended before anything else though as time is running out on how long he will have left to sort that.
On a different note, given this board loves a good tweet, im suprised there hasnt been more concerns or questions asked over the account suddenly stopping posting many weeks ago. Last time it did that was when they almost run out of cash. We know dispite gold being at record levels, cash is again low as they had to raise to stay afloat.
The high-grade material was used up last June they should have been exploring for more if they were really going to turn it around.
It's going to be incredibly hard for anyone using low-grade material to make it truly viable.
Well if it is or does go under, the Epitaph could be: A share that promised so much and failed to deliver much of it.
Sparky - I’m a glass half full man so it’s a yes from me.
ATB
Depends whose round it is surely JC. If its your round, there still half full right and can wait, if its anyone elses, then its half empty, top up time.
Or maybe that should be the other way round as then you could get away with just buying everyone a half pint lol.
I dunno, its all very schrödinger's cat this. Half full and half empty at the same time
Zan - I think your schrödinger's cat analogy perfectly sums up where we are at the moment.
Now lets get that box opened please!
Indeed JC. Until Robbie opens that box, were all in the dark right now. Making money or losing money, getting unsuspended or staying suspended. Having a prospectus or not, getting funding of remaining unfunded.
So many questions. All of which we will get the results of at some point.
This isn't looking good, everyone knows an audit doesn't take this long to be published.
40% chance of coming back on the market. IMO
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
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.
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
Dalesman
Don't panic !
:-)
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.
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.
Perhaps ominously, GCAT has also they stopped tweeting?
Jersey.
Just a little anxious after loosing £26k on Rambler recently.
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
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.
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 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.
Very balanced post Zan as always.
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?