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Zan, considering Tanzania was gold in the ground purchased at a far lower gold price than today's, why do you consider it a given that we would sell it for less than we bought it?
I've always said I wanted more comms and as such, am happy with us getting a new RNS.
It made for interesting reading tbh. Clearly, money is as tight as its ever been and it feels like if this audit hangs on to much longer the company might struggle. That is of course concerning, but tbh not something we didn't really know deep down anyway.
The plant feels like it really struggles to operate well, consistantly, which again, we kinda new. Old equipment and needs updating.
I'm not fully sold on some of the figures for the heap leach etc as they were worth the money and time put into them, but if they can sort everything else, a decent addition, just maybe with hindsight (a wonderful thing), some funds could have been used wiser, in terms of order.
Same goes for Tanza. If it does get sold, almost a given it will go for less, given the hard finance markets right now, and as such makes you question why we ever picked up in the first place, but I agree with bebeto here that its not going to add anything to the balance sheet for many years and viewing the bigger picture, maybe selling and sorting todays issues out and allowing the company to progress from there is smarter.
Certaintly better than going under.
Lastly, high grade (well higher than prssent) stuff has gone from the figures for sure. Again, we knew that would be the case.
Thanks for copying the RNS Bonkers and as someone who has no vested interest , your heart felt sympathies.
'The timeline on the audit and recommencement of trading is driving the timeline on the expansion funding.'
The above is because any potential corporate lender would want to complete their due diligence before making or agreeing an offer, which also suggests that any funding is NOT as close to being finalised as touted on here.
'We have continued to engage with possible JV partners for or on a sale of our assets in Tanzania.'
Said all along it was a complete waste of resources (money & shares) we paid around $3.3m if they could get that money back, it would really help the near-term situation.
The Company's working capital position is constrained. The Company is dependent on receipt of further funding to continue operations and is working with its stakeholders in this regard
another raise incoming
what a **** show , suspended for god knows how long ,was the report even started when it was due
glad i didn't invest and generally feel sorry for shareholders
This statement is a little more positive
The timeline on the audit and recommencement of trading is driving the timeline on the expansion funding.
Bit of dark humour which hopefully won't come true.
Wouldn't it be ironic if the auditor taking longer to complete the audit led to the company collapsing and funding not being received .
On a serious note, I hope this has been clearly pointed out as based on this RNS, their delays appears to be placing a level of jeopardy.
My other question is where has the chairman been in all of this?
Netbox - agreed - unthinkable that Robbie would go looking for funding only after the audit was completed. My expectation is that as soon as the audit is complete the domino’s will fall and that includes the funding but there is an order to the steps / dominoes.
From the two most recent updates basically covering Q1,
Estimated total gold production is around 700 ounces, The heap leach process contributed nearly 60 ounces to the overall production.
Additionally, the overall grades have decreased, as indicated by the lower average gold grades and strip ratios reported in the updates.
The above suggests a decrease in the overall quality of the ore being processed.
There is no mention of high-grade material in the provided information.
Good to have a type of a production update though.
Fingers crossed it is holding up completion rather then the funder walking away, I guess time will tell.
I'm not going to worry about it too much as there is zero I can do either way
Totting up the 'gold recovered' figures stated in the RNS for February and March is around 16000 grams. At current price of a gram of gold of $75, that's around $1,200,000. That seems quite good to me ? (not sure how much of it is actual profit though !).
@sw10000
Your point:
"3. Is the finder still there or not? The statement states it's impact the ability to GET funding which is essential"
RNS reads:
"The delay in completing the Company's audit for the period ending June 2023 (as announced 9 May 2024) has affected the Company's ability to COMPLETE the financing for the Kilimapesa expansion project."
Get Vs Complete
Read it as you will but you could argue the funder is there but nothing can progress until the audit is finalised?
CCC - in your view. Time will tell whether you were correct or not.
Agreed. Also answers the question where the money has gone. Hopefully a series of one off costs (with appologies for the oxymoron).
What is frustrating about this is this has all been done at the expense of GCAT with no come back for the funders or auditors
Probably a wise decision in hindsight, the questions I have are quite simple
1. Caracal have raised several large quantities over the last 6 months - What has this been used for?
2. With the price of Gold in addition where has the money gone?
3. Is the finder still there or not? The statement states it's impact the ability to get funding which is essential.
Despite having a large amount invested, this is a binary 1/0 , either if comes back to the market or doesn't IMO.
If / when the auditors sign off can it produce without receiving the funding ?
So we do a new mining plan at the behest of possible funders. This new plan then get sent sent for independent pressure testing on the auditor's request and your response is, well how do we know its not crap? Would you like a flow diagram?
Sorry to all investors, this is not going to end well.
Made a decision to bail sometime ago at 0.39, although at a loss probably the correct move.
Good luck though.
sono***un - how do you know that they aren't?
audit then prospectus then funding then expansion then happy days.
all in my personal view of course.
is it a "cunning" new mining plan or just the old one on a new *** packet.
Not the most positive of RNS but it's better to have a truthful statement, the question is do we still have the funder at the table?
· The delay in completing the Company's audit for the period ending June 2023 (as announced 9 May 2024) has affected the Company's ability to complete the financing for the Kilimapesa expansion project.
So why are the funders not queuing up to throw money at this if its as good as Robbie makes out.
Kopfkissen - you have to remember that the auditors have the new mining plan which they are independently reviewing and possibly an idea of how the funding is going to be achieved. The new plan requires the funding and the audit needs to be complete to do the prospectus to acquire the funding. So the wording in the latest RNS is a dry summary of where we are today and should not influence the audit team. I would be amazed if the independent review came up with anything other than confirmation that the mining plan makes sense economically but until the audit is produced that is just my thoughts on the matter.
Just need the auditors to complete the work and this train can get back on track. Its that simple.