The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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And this is the only positive I take away as a shareholder at the moment, the fact someone is aware of what is going on and willing to lend them a substantial amount of cash, especially as the shares cannot be issued until the accounts and prospectus is issued .
Sadly , none of really know what's going on until we get another update .
First step is for them to get back on the market, we can then all make the relevant decision in whether to sell up or stick around .
Didn't realise the payments started yesterday as interactive investor's news content didn't give that detail.
But it's shocking that £46,800 (6%) is being handed to a NED's firm for the introduction of the investors and saying WE Shareholders think it's fair per the RNS.
How really 'dirty' is the BOD of this company, I guess we'll find out in time, but the Prospectus and A/Cs have to be finished by the 5th receipt of £156k in Apr2024 anyway.
Well they have to complete the Prospectus for the FCA and before that have to complete, publish and file the A/Cs both before these extra dilutive shares and options are issued !! So stop dithering Robbie and get them finished before Caracal has no money or gold left !!
Well this should keep the lights on whilst the resolve the massively overdue accounts to end Jun-23 and interims to end Dec-23 plus resolve the Prospectus with the FCA. It is beyond me how someone is willing to invest £780k with the shares suspended or indeed how that is possible as the prospectus is outstanding so (theoretically) shares cannot be issued or traded ... but I am glad they did as heavy dilution is much more preferable than GCAT going bust and Pis losing 100%.
ATB APR
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The Company has raised £780,000 by way of a Subscription ("Subscription"), through the issue of 260,000,000 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £0.003 per Subscription Share.
The funds of the subscription will be paid in five equal instalments of £156,000 and the Company will issue 260,000,000 new Ordinary Shares upon completion of the final instalment
The subscribers from the Subscription will be issued with one warrant ("Warrants") for every new Subscription Share subscribed for, with an exercise price of £0.0042 per Warrant. The Warrants will expire in three years from Admission of the Subscription Shares to trading.
The funds will be used for working capital by the Company and its subsidiaries.
Just another example of management bleeding the companies finances while they likely also steal gold from the smelting room. Probably just talking to paid bulletin board posters from China anyway.......
Company continues to be saddled with debt, dilution and warrants. Nowhere near the type of financing that has been promised. Just have to hope this is part of some coherent plan, rather than just emergency reactionary financing!
Hundred percent agree with this, no one is lending money unless they are convinced they will received their funds back.
As all have said, it's time they need to show progress and where the money is spent , get the share back listed as a priority
The raise is not conducive of the company selling much gold, currently.
They look like they're in financial difficulties, hopefully they will weather the storm or at least get relisted.
It's standard practice to pay a small premium as it covers the costs associated with the issue of warrants.
This is getting farcical .... surely no one can dispute they have had more than enough time to get the audit done and the share suspension lifted .... Operationally something must be happening ??? They were supposedly producing gold. At least let us know what the paln is for the raise in terms of attempting to get a positive cash flow .
My only hope is that the fact finance is being injected means someone with more knowledge than us on the BB knows there is a route to get the gold out of the ground
Shocking management to date of a possibly decent resource . V Frustrated . Rant Over :)
I tend to agree Magoo. They just need to get the bloody accounts out !!
Another payday loan. But if someone is willing to pay in return for some shares at 0.3p it means that they managed to persuade the funder that they'll get their money back. Frustrating but I read this as a positive sign
RNS, still raising funds of the last resort.
Gold price is only relevant when they make a sale. At best a dozen times a year but doubtful much has been sold since last June. There was nothing in the most recent update to suggest any gold has been sold recently either.
The Minopex expansion plan, estimates after upgraded plant, production of 1,365 oz per month.
Still some way to go with variable revenues in the mean time. Another cash generating company Bidstack recently went under, so it's still a threat HERE. IMO
At least, is being positive for GCAT. Currently just tipping $2200/oz. GLA, Dan
Relisting can't be far away now, this tax year surely lol
Paul Reeves now working as the CFO for Kodal Minerals, so that's where he went. Dan
open cast mining continued in pit 3b with a total of 11,400 tonnes mined at an average grade of 1.82 g/t gold (au) with a strip ratio of ore to waste of 2.7 to 1;
· the carbon in leach (cil) plant was recommissioned after the mill relining in january. feed into the cil circuit was 7,350 tonnes for the month of february at an average feed grade of 1.71 g/t. the gold recovered totalled 9,077 grams with a large portion of gold remaining in the process to build required process inventory;
· various recommissioning challenges faced and solved included power outages from the grid supply and stress testing of the feed rate which resulted in misplaced grits reporting into the cil circuit;
· pre-screening of the co**** ore fraction out of the feed improved the grade to the milling/cil plant with the oversize material used as feed to the heap leach plant, thereby progressively improving ongoing flow sheet optimisation.
RNS 4 August 2023
The AISC per oz produced for the quarter was US $1,218 per oz
With 383 oz of low - grade sold for Q2
If the production levels were maintained throughout Q3 and Q4 (even though there were stoppages)
It would offer around 127oz per calendar month for the periods.
Increasing the $1,218 per oz AISC in the process.
This is most likely one of the top reasons for cash flow problems within the company to date.
So going by the RNS's in the previous post.
The High - Grade material was depleted in Q2.
Out of the 1,645oz sold in Q2 ,
High-Grade accounted for 1,262 oz sold.
Low - Grade accounted for 383oz sold.
Leaving only the remaining low-grade material for Q3 & Q4 (NOT released)
This is also confirmed by the RNS 26 October 2023
The Phase 1 mining plan has 2,427,279t of ore mined over the 36 month period at an average grade of 1.06g/t. 529,756t at an average grade of 1.8g/t are processed through the Milling/CIL plant
RNS 7 March 2024
average grade of 1.82 g/t
Great post Zan - thought provoking
Final paragraph spot on - hopefully not too long to find out!
RNS 21 March 2023
high-grade material with average grades from 3.31g/t to 4.74g/t being processed,
At present 6 zones have been mapped, sampled and a bulk samples processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B. Each of these areas has then intensively sampled and the resulting information put into a mining plan which supports throughput of high-grade ore through the milling plant for the rest of March and for the 2nd quarter of 2023 (April, May and June).
RNS 4 August 2023
· A total of 38,011 high-grade tonnes were mined from the open pit @ 2,51 g/t,
RNS 7 March 2024
Open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 g/t gold (Au) with a strip ratio of ore to waste of 2.7 to 1
We could continually debate about RM etc but it's all a distraction from what's really gone on and it's the grades have dropped off considerably.
Hi JC,
Yes Rolr was a typo lol. I'm terribly dyslexic and when writing something it looks word perfect (I even re-read several times before posting), then later notice I've proper messed up so many times writing random letters instead of a word lol. My apologies.
In terms of evidence of RM knowing deadlines weren't going to be hit, I don't think its possible to state it as a fact. Actually, I don't think much can ever be stated as a fact with most posts, be they positive or negative. It is though my opinion, which I've formed taking into account certain known events, some previous history and some guess work.
In terms of the presentation, it was all dependent on the finance being sorted, I believe those timelines (roughly) still stand true once finance is sorted too. That was almost 12 months ago, so if finance was close, something else undisclosed must have gone wrong for it not to get over the line surely? Or, it wasn't close and Robbie thus knew the deadlines wouldnt have been hit.
Equally, not doing your accounts is a known cause for suspension. Given how long its taken post suspension to do them, you could make the case if they werent being worked on back in April, RM would have been aware they werent going to meet the accounting deadline and go into suspension, thus again, know he would meet other deadlines.
For me, given he has history of this (2022 they needed funding to hit 24k and we have been told it takes 6 months after money in to do that, yet in the Sept/Oct of that year stated we were still on track to hit 24k by year end in several interviews, even though he must have known we hadnt started expansion thus werent hitting 24k), my outcome is RM, in full knowledge, plays with the truth, which can mislead investors. For me, that history and event timelines speaks for itself as evidence of that, but no one on earth could prove it.
Now, as Ive said many times, you dont need to trust the ceo imo, and I do think if he had been more honest the SP would have been hit even harder, much earlier on, so I get why info is hidden at times.
Of course NDAs etc can come into play, but NDAs cant legally make you break certain laws or rules i.e., hide price sensitive info.
As an individual I totally get Robbies mindsets tbh, but as a CEO it can be more questionable. While Im not overly into trust (as I think CEOs tend to lie all the time from microcaps to megacaps lol) I know its important to many others.
I get some will defend someone no matter what, and some will lambast someone no matter what, but when the cards are on the table, I do find it hard to understand how Robbies false narratives arent apparent to all.
Is he improving? I honestly dont know yet as were still suspended so hard to tell. He was def more open in that last interview, to the point id say first time ive ever felt he was truthful and not just saying what he felt we needed to hear, but getting stuff over the line is needed now.
It's taken so long because RM has been finalising the numbers.
Gold production from the open cast mining is approximately 6,062 grams.
There's been no record published showing for any gold sales for the last 9 months, including in the latest update.
The gold sold in the upcoming financials, is already known.