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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.
So can the auditors in good faith state that this is a 'going concern' when you read this latest RNS ?
"Notwithstanding recommencement of the milling plant in February and the raising of funds toward the end of March - the mill motor failure and heavy rainfall were amongst some of the challenges faced in February and March and this has meant that our working capital position is extremely tight and this carried forward into April.
Touch and go for the future I think.
Be surprised if we’re not back up and running in the next few weeks. Can’t be far away now, hopefully PKF are sorting the final parts of the audit out.
Would dream of some funding/ good operational results to get released in tandem with the re-listing… one can only hope 🤞
Ideally it would come back fully funded otherwise big holders could offload and use their losses as a tax benefit.
So there's always a silver lining for some in this game.
Reminds me of GCAT too.
The bit I think you miss is that I also desperately want the share to come back. Just because I don't share your super happy outlook on this share that's been suspended for months doesn't mean I don't want it to be unsuspended.
I'm just bored of all the BS. It's 29th November 2022 all over again.
It is now Shrodingers Duck it would appear.
Daniel - errr - no they can't - they just sh&t themselves and flap a lot - reminds me of some posters here.
No but they quack a lot when being strangled.
Dead ducks don't quack Zan
Go on JC?
Quack quack
What’s that I hear?
'More than one HNW individual have put a lot of their bed earned cash into this over the last several months, HNW’s don’t do this unless they have information to hand that assures them they’ll get a good return.'
High Net Worth (individuals /investors) are not to be confused professional companies (and companies lose a lot of money also) and therefore have a much lower bar for making an informed investment.
For Example :
These guys below took a big hit in GCAT and it damaged their own reputation in the process
RNS 14th February 2022
The appointment of Clear Capital Markets, the UK-based stockbroker and wealth manager, follows the completion of an approx. £2 million capital raising, which included £300,000 received from an existing major shareholder at a price of 1.25 pence per ordinary share, and the placement to clients of Clear Capital Markets, as announced earlier today.
'They have 1.3m oz resource,'
This is exactly the smoke and mirrors play the company puts out and investors buy it.
GCAT group resources are 1.365Moz
Kilimapesa is actually 706Koz (inferred)
Tanzania (5yrs min from being mined) 658Koz
Inferred is the lowest form of confidence in the JORC code.
Here's the proof they believed in 2Moz + and it never came to fruition.
RNS 21st December 2021
Focus is on rapidly increasing the current JORC compliant resource of approx. 670,000oz to > 2Moz through a two-pronged approach:
· An initial 16 hole, 3,000m DD programme on the Mining License.
· A regional 10,000m RC campaign on the broader Prospecting License, both on the recently identified Southern Mineralised Zone ("SMZ") as well as on other identified targets.
· First assay results from the drilling programme are expected in late Q1 2022.
Wow, between Bebeto, TheMoss and Greg25 there’s not much positivity going on here!!
You guys are clearly not reading the RNS’s and looking beyond the suspension.
More than one HNW individual have put a lot of their bed earned cash into this over the last several months, HNW’s don’t do this unless they have information to hand that assures them they’ll get a good return.
Auditors are slacking and letting us down badly, yes of course the company didn’t get on it when they should’ve done, but it’s not all their fault that we’re still suspended. Some responsibility, but not all.
They have 1.3m oz resource, they haven’t done much exploration since, or advised us of any, to increase this as yet but we do know Vim Rutha has a lot of potential, just time to drill, analyse and get the results out to market.
Financing is in the wings, mining plan amended at the request of the funder so ready to go now and board changes in preparation for new directors from funders (Apparently) As far as I’m aware, after my research and more, financing is still in place and awaiting final steps to confirm it, I’m guessing this is after re-listing, audit complete, accounts sorted, prospectus signed off by the FCA and away we go.
Everyone places all the blame at Robbie’s feet, but there is a Chairman involved, what is he doing? He should be involved in day to day running, Audit and more so blame lies at all members of the board, not just Robbie. One thing I do know is, Robbie is a grafter and then some and all he wants is for Caracal to be a success just like we all do.
Once prospectus sorted and the other things signed off this will move forward in a much better place, new board members will help to keep everything on track in the future, confidence will return, despite all this Greg25, Bebeto and TheMoss will no doubt still find something to complain about.
I for one remain positive, this is one of my largest ever investments and I still believe we’ll be back trading soon and things will progress.
Dead duck, definitely not. All monies lost, nope, 40% chance of re-listing, ridiculous.
Unlike you three I don’t feel the need to post here that often, you keep posting saying people should only state facts etc, rake your own advice and do the same, keep it real rather than spouting nonsense and unsubstantiated drivel that you seem to do daily.
Let’s just wait and see, in the meantime let’s go with facts rather than made up rubbish.
An update would be nice just to know what’s going on, how recent monies raised has been spent and a general update to ease frustrations but otherwise I’m positive that all will be well here soon and you three will probably go rather quiet lol
TheMoss,
Agree very much so, originally the company had pinned a lot of hope on the Kilimapesa resource containing upto 2Moz but they barely moved the dial to 700koz on the lowest confidence of JORC.
The production grades from the very start, were also misleading as pointed out by Andrew Bell CEO of RRR.
All of the above gave the impression of the company being bigger than it actually is and now nearly 3yrs on the company is even more reliant on funding, which in turn gives all the power away.
It doesn't help having a CEO with zero experience of running a UK listed company and is totally out of his depth.
It's been a dead duck since the original finance deal fell though. The situation is similar to Sirius Minerals and Anglo American. All the power is with the organisation with the cash. I'm not saying it will never be a successful mine but the rewards will go to the people supplying the finance.