Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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.
Well at least there's an update of sorts, and a further update will be provided once PKF have provided the timeline.
"Following publication of the Group Audit and the unaudited interim results for the six months ended 31 December 2023, the Company will be in a position to resubmit its draft prospectus to the FCA for review and will aim to finalise this as soon as possible."
Should warn holders here that the FCA are not the quickest when it comes to issuing a Prospectus. For example, Bres have been waiting 3 months for theirs and is a well run company with none of the shenanigans that GCAT has had.
Unless the fact that it has already been submitted once will shorten the process.
'As part of the Group Audit an independent review of the Kilimapesa 3 year mine plan was required to be undertaken. This report was submitted to PKF on 3 May 2024.'
This is all part of the audit process as per the previous audit by PKF Littlejohn LLP the Senior Statutory Auditor is doing a thorough review to ensure the integrity of the audit.
RNS updates are the way to go, as I previously mentioned the Kenyan auditor is just one component and people complaining about the over kill of the investigation don't understand what is required of the company.
End of June as I've always maintained the process needs to be wrapped up by.
Was the green hornet alerting us to this good news?
OK we have to wait still but they are following a process and they are trying to get timelines.
Dead duck? Not a chance
Indeed Bebeto. And as you’ve already admitted. You sold here at a loss so easily parted indeed lol
Yep. S/He busy lecturing us on checking facts and accuracy. Not that long ago beebs was on here, punting Jason Brewer, of all people. Try following your own advice and revisit some of his 'facts' and predictions for this mine of ours. JB makes Robbie look like a glass half empty kinda guy.
Lol big underwater holders have to blame someone as they can't blame themselves for being in this position.
I'm delighted to be filtered as it gives me a free reign :)
I'll stick to RNS updates for information as grades aren't shown on photos.
Everyone is entitled to an opinion here not just the bully boy tacticians.
It's all a bit of a distraction from the real news about the company though.
I get the green hornet buzzing around as well - it always makes me laugh when there are 2 greens in a row - I always imagine the second one begins .... And another thing!
Fully agreed, the sat images tell a story for those who can be bothered to check (and no it's not Google maps ) and also doesn't cost you anything
The beauty is I filtered him long ago, I can always tell.when he replies as all I see is the filters being applied :0)
I haven't been on for a while as I'm getting on with life unlike the filtered individual who is somewhat obsessed with shouting down GCAT whether there be positive or negative news , saying that there is no news but still
Imagine other posters getting upset about being reminded of comments made in a RNS, says it all really.
A fool and their money is easily parted JC ;)
Lol it's very nice for others to take ownership of my posts but I'm pretty sure that I'm meant to be filtered and therefore my posts aren't meant for their judgemental comments.
I'm a shareholder here and I'm entitled to have a opinion the bully boy tactics deployed doesn't work with me as I've been in this game long enough to know that certain people are saying one thing and totally bricking it behind the scenes.
I took my loss early on and hold a sensible position and those who think I'm just here to cause trouble are actually odds on for a very expensive lesson in the world of small caps.
Happy to remain filtered as the trash always takes themselves out.
Strange people lie when they say they have filtered and haven't, curiosity killed the cat.
Swampmonster - I think that is my all time favourite opening to any post I have ever read here. Marvellous.
Bebeto
Thanks for the financial advice but I don’t we all need to be told to read RNS’s and how to go about our own investing decisions.
Listening to you certainly isn’t a good idea that’s for sure. You’re talking facts and look at the facts yet you’re the spouting nonsense and non factual statements / comments.
Listen to your own advice and post facts not rubbish.
Or better yet, don’t bother posting at all and do us all a favour….
Sweetfknbabycheeses! Does he never just stfu? We get it. You have Trumpian levels of expertise is everything. You are better than us stupid shareholders who bought shares. You win. Now please, with tears in my eyes, go. somewhere. Else. Go cure cancer or end poverty or something. Anything. Just leave us alone.
People not liking facts presented to them, if you're in any doubt that the HGZ bumped up the production figures to give an inflated view of production, again I refer to the
RNS 21st March (near end of Q1) 2023
A mining plan confirming 90 days of high-grade material has been prepared and is being actioned.
May I suggest anyone who has a significant amount of money invested in this company, to review thoroughly every RNS that has been issued and then cross reference.
At some point in the future you may need to know things that might help you.
And there's me thinking I was filtered by you lol
Here we go :
RNS 21st March 2023
360tpd of high-grade material with average grades from 3.31g/t to 4.74g/t being processed,
6 zones have been mapped, sampled and a bulk samples processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B.
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).
So the HGZ grades are between 3.31g/t and 4.74g/t and the mining plan is only for April to June.
RNS 7th 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
3B from the HGZ in the first RNS is now at average grade on 2nd RNS and the 5 other zones there's no mention.
It would seem pretty feasible from months of satellite images that GCAT are still extracting and processing High Grade Material from the hill.
In fact it's pretty straight forward to see imo....
Posters on here are sounding increasingly worried by defending RM at any cost instead of seeing the king has no clothes on.
By far the biggest red flag RM has made was moving the company away from the structure of quarterly updates.
Any company that does it will only means bad news for shareholders. It's a very old trick for hiding information from the whole market.
Worse still the Q2 update contained inflated production / sales figures due to the presence of the High Grade Zone material.
The HGZ material was used up (as it was forecast to be) from the end of Q2.
There's been no quarterly update since and therefore the shareholders don't have a scooby what's happening behind the scenes here.
The was a RNS update on 7th March 2024 but this only contained limited information, confirmation of no HGZ material and some (limited ounces) gold contained in the process.
JC - Thank you for the continued reasoned posts .
Others would do well to follow your example.
RM should now be focused on the FCA & LSE as they're within their rights to end the main market listing (which is at the extreme end of options available to them) and he's developed a pattern for non compliance issues.
When a UK main market listed company wants to issue a larger amount of shares, they have to do it through a prospectus.
As shareholders in the company, we have first dibs to buy these extra shares but to get around this, the company has to have a special resolution & resolution passed at a general meeting.
The above was confirmed in the 9th October 2023 RNS.
We know the value of the extra issue as being
£1,068,378.08p from the resolutions.
RM dash already raised the funds from virtually all of the amount and owes the shares out.
There's nothing material left for the company contained within the prospectus other than paying off what's owed.
So RM talks of being fully funded on relist and raised the transaction costs for funding last July.
Something doesn't add up unless the funding is via another undisclosed source.
I think they have until the end of June to sort the situation out, otherwise they would be close to needing another audit shortly after (within 4 months).
It looks a total mess at the moment and the audit is only one part of the jigsaw.
Thanks Zan - I think Robbie will accept that his decisions have lead us to this point and of course we are all experts looking at this with the benefit of hindsight. Not sure how many people here have either ran a business or close to someone who has. I was brought up on a sole traders income - I saw first hand what it took to run a small successful business - stressful as hell and you had to be all things to all men.
Everyone seems to be an expert in Kenyan mining here - the politics, the regulations, the mining ministry, the relationships with locals, the conflicts with artisan miners, the heightened security requirements of gold transmission, mining consumable supply chains, cross boader considerations, keeping HNW investors appraised and onside, maintaining a happy work force, cashflow constraints, rainy seasons, negotiating funding, dealing with the FCA, contracting a prospectus, day to day issues from any angle at any time - I mean we are all experts because it has to be easy right?
Would Robbie do things differently with hindsight? I am willing to bet a big fat yes. But then wouldn't we all with the benefit of hindsight? As the saying goes - don't judge a man until you have walked a mile in his shoes.
I get the frustration here is creating a myopic viewpoint for some. Its understandable.
Thank you for clearing up.
I don't disagree that the blame lays at the CEOs feet but I think what JC is getting at (and I might be wrong here) is that Robbie is to blame as its his decisions which have led us to where we are, but there is also mitigating factors to consider such as PFK taking 2 months away from this audit which haven't helped us either.
.
Zan, clearly you commented in between me writing my post and posting it.
PKF has to maintain the & their integrity of the audit there's absolutely no need for them to be blamed in any way for the audit.
Companies are not just sitting there waiting for a job to come along.
I'd be more concerned at managers getting nervous at checking out the going concern status. The auditors would look daft if they signed off the accounts which contain a statement that it is a going concern and it then ceased trading.
The only criticism I would have of the auditors is taking the job on. It's risky at best.