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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.
Jersey crew- good to hear from you, was getting more worried that you hadn’t posted here for a while.
Robbie- good job, now let’s get suspension lifted by the end of this month and get funding completed.
Who ever says CEOs/BODs don’t read these boards…
Apron, by my calculations the gold production from both sources is approx 487 Troy ounces.
Magoo - my take for what it's worth. In terms of current production and ongoing viability a couple of points of view - we will hopefully get clarity in the not too distant future on actual production numbers but in the meantime the POG must be helping immensely even before the recent uptick.
In terms of funding - I can't imagine any funder agreeing anything whilst in suspension and so I am waiting for the audit to finalise and for suspension to be lifted before I am expecting any update. I do think however that recent POG rises and the future global direction of gold against an increasingly unstable world stage can only strengthen Robbie's negotiation in any deal so in that respect the delay might ultimately prove to be to our overall financial advantage albeit at the cost of a few grey hairs!
So GCAT are still alive and well having raised £140k at 0.3p or a 9% premium to SP with warrants at ).42p or a 53% premium
Would be good to get an update on progress with
> Audit & Account
> Prospectus
> Relisting
ATB APR
Glad to hear that the company is still active and we are mining some gold.
What concerns me is that operations were suspended for some time but we don't know for how long. Also, not a word on the funding. That's quite concerning as I doubt current production is sufficient to keep going. Come on Robbie, gives us some positive news on that front..
I missed the accountant appointment - great to see the team is being bolstered there as well! Much needed but remember Robbie has been moving this forward on a shoe string budget - looks like we are leaving that phase which is great.
Classic lol , you just have to know what buttons to press to get an update.
Everyone knew the prospectus wouldn't come whilst they were in breach of compliance.
Much better than a news reporter representing the company but not as good as a Q3 & Q4 update.
Agreed - all indications are that we are now very close. Think about it - why release this update at this time if we were not on the cusp of the suspension being lifted. Its been a long wait but not through the lack of effort going on in the background I'm sure.
What great timing to release the update with POG at 2155.
Worth remember the base case was with POG at 1800 / 1850 from memory and that was for a profitable return.
I am sure there will be many who will use the RNS to bash but no point in looking back - we are heading forward!!
A reassuring RNS. just need to get the bloody accounts out and suspension cancelled.
Sparky - Robbie heard you and delivered.
Lights on and project moving forward - its not been the easiest of waits but progress on track and work with the auditors in the final stages.
Great to read that Robbie has got some much needed support in the appointment of the GM!
Onwards and upwards folks
Got your wish Bebeto....rns looks pretty good to me 🤘😎