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.
Touch and go for the future I think.
"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.
So can the auditors in good faith state that this is a 'going concern' when you read this latest RNS ?
Just need the auditors to complete the work and this train can get back on track. Its that simple.
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.
So why are the funders not queuing up to throw money at this if its as good as Robbie makes out.
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.
is it a "cunning" new mining plan or just the old one on a new *** packet.
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.
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.
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?
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 ?
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
Agreed. Also answers the question where the money has gone. Hopefully a series of one off costs (with appologies for the oxymoron).
CCC - in your view. Time will tell whether you were correct or not.
@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?
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 !).
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
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.
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.
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?
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
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
'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 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.