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Started: Gunster, 19 Jun 2024 13:58
Last post: JerseyCrew, 19 Jun 2024 17:09
Iwonttell - I think we are all very frustrated at the lack of news at the moment - I doubt given the situation though that we will hear anything by any other means than an official RNS. As strange as it sounds, I think that no news is almost good news at the moment - nothing has changed since the last RNS that the market needs to be updated on. Waiting on the audit and coming out of suspension and hopefully unlocking finance in the process.
Antibacterial - on timelines - I am sure that if he knew he would give us a timeline. I assune he would like one as well. Over to PKF!!
Gunster - and what does that tell you??
How do you KNOW what is coming? What do you know that hasn't been officially communicated to the market?
Any sort of news would be welcome. I don’t understand why we don’t get a tweet or an X or whatever it is called. We are all in this together, after all!
Transparency is a major issue with this company.
We're currently in limbo with two things to really consider ;
The FCA & LSE must be in agreement with RM regarding the lateness of the audited results because they are both within their rights to have delisted the company by now.
Secondly, companies only go bust when they cannot pay their bills and the debts are called in. The latest fundraising for £780k will be paid in shares & warrants. so as long as the company can pay its other outgoings, it won't go bust.
Regular updates are required for shareholders all the same.
Agree - just wish to goodness he would give the shareholders an update on timelines.
High-Grade material was processed upto end of June 2023, a year ago. (hence the total lack of production updates until March 2024)
Theres been no updates showing any gold sales beyond June 2023, it's fair to assume that only a small amount of gold has been sold, the recent fundraises are most likely to be keeping the lights on currently.
Thanks for your comments.
The dirt remaining to be processed seems to be mainly low grade. Guess I was just hoping for a glimmer of light. Just have to remain patient.
According to the 13th May RNS, there's potential for RM to access additional funds;
We have continued to engage with possible JV partners for or on a sale of our assets in Tanzania.
Iwontell - I think the only production and known resource data is already out there by official notifications - as you know we are all waiting on the audit which should open the flood gates for further MI on the basis they need an official line in the sand on the accounts to enable them to release more data which is effectively built on top of the audit data.
I think you hit the nail on the head at the moment when you referenced the fortitude of the team - I believe that this fortitude and shear determination to keep the lights on and production running, will translate into future success with the benefit of a finance package. Robbie is a networker and deal maker whatever many say here and I have a strong belief that his fortitude will see us through.
I am sure that many will disagree - but that is my view for what it is worth.
No, but helpful posters come across this information and share it on these boards.
You can't stop yourself lol
I'm entitled to have and share my views on the company and people like you need to deal with it.
If you really think I've been posting fake news etc. about the company then sue me.. Put your money where your mouth is big shot.
I’m here to discuss the company too. I’m in to to make some money. I’m not here to post fake news, false information or anything else other than factual information and sensible data backed up by facts.
You have attacked and pulled down posters on here more than anyone, and when some respond to you you’re the one that gets upset and starts having a go back.
So. Enough. Time to start talking about Caracal and we can’t do much else right now but wait for news and nothing to be discussed until we do.
Hodgeyd,
When I'm no longer a shareholder will be the time I will no longer keep posting here.
You've shown your hand for all to see what you are.
I'm here to talk about the Company as I see it, other opinions are respected but people who just want to post to discredit / humiliate other posters shouldn't be surprised when they get their pants pulled down in public.
You may not think JC's post wasn't emotionally unstable but it wasn't directed at you and that's how it was received.
RM has got us all into this situation and should be held responsible.
I see you’ve decided not to respond to my offer of a deal, or bet if you like?
Exactly. So when you post inaccurate or false information about the company I can respond correcting you and making sure the ladies and gents here get a balanced view and don’t take your false info as fact.
JC and others always state when it is just their opinion. You don’t.
I se
Started: JerseyCrew, 12 Jun 2024 15:52
Last post: JerseyCrew, 12 Jun 2024 15:52
Not sure what the filtered post said - but absolutely, they are 100% correct as well
Started: Bebeto, 11 Jun 2024 08:49
Last post: Bebeto, 11 Jun 2024 08:49
Whilst we wait....
Started: Dalesman100, 10 Jun 2024 19:25
Last post: Bebeto, 10 Jun 2024 21:32
You're welcome, discussing the company is what these BB's are for.
Ok thankyou.
No it's still listed on the London Stock Exchange,
The FCA work's to protect shareholders interests by making companies comply by the rules.
Currently suspended pending the publishing of the audited financial statements, additional time looks to have been granted.
Its gone hasn't it.
I dont know why he just doesn't come out and put us out of our misery.
Its quite insulting to us investors all this waiting.
Last post: JerseyCrew, 10 Jun 2024 15:20
The Moss - maybe its me but I do struggle to understand some of the content of your posts - and I am genuinely trying.
Can you rephrase your 1st sentence please?
Trading - I am assuming you are referring to the stock been still in suspension and not gold production.
We all want to know who is lined up to provide the finance and on what terms....
A dividend is some way down the line - I am guessing at least 2 /3 years. But lots of stocks can appreciate in value without paying a dividend in the short term. Reinvestment, expansion and exploration to increase the JORC resource, to establish solid foundations on which to further build upon has to be the priority before a dividend but that should translate into an appreciating SP / growing market capitalisation.
One step at a time of course and all eyes return to the awaited audit!
There is no reason to assume the reason the company hasn't been delisted is because they have given extra time to complete the audit. It's not as if it's trading in any case. I'd love to know who they have lined up to advance all these millions the company needs to advance the project. I will remain silent from now on but will return to admit I'm wrong if this ever pays a dividend
The FCA's handbook on listing rules are clear, we should have delisted on 1st May 2024 unless there's exceptional circumstances.
Therfore, the FCA has accepted that PKF are causing the delay to publishing the audited financials.
Any extensions will be time constrained though.
We cannot control, or even influence, what GCAT BoD or Robbie McCrae are doing, or not doing, to get the Audit and following tasks completed, so probably best to simply wait !! Que sera sera, concentrate on your other investments best probably !!
there's always another small fish who has no real input about the company and resorts to mockery because they haven't the strength to put their own point of view across (for fear of being mocked themselves).
strength comes from being outside of your comfort zone in accepting opposing views, weak people hide and s****** using various avatars. imo
Started: sw10000, 22 May 2024 15:56
Last post: Bebeto, 9 Jun 2024 12:07
The proof is in the pudding, if they manage get another non-binding terms agreement for substantial funding, (they came close with OCIM but were producing double the amount of gold) then we know it's a real possibility.
Without a non-binding terms agreement, there's no sign of real intent to go through with a deal other than word of mouth.
TheMoss - I have tried to fully understand your point and have reread a few times - maybe I am being a little slow this morning - would you mind rephrasing?
So you would stand to take a full share of any profits but would have to weigh up the pros and cons but you would expect any lender to take the same risk for a set interest rate leaving enough for shareholders to make it worthwhile to continue trading. I hope you're right it's just I can't see it.
TheMoss - I am not expecting a rights issue but if there is one I will consider the business case against the offer price and make a decision based on the information to hand. It’s how I make my investment decisions rather than prejudging.
Time will tell whether you are right or I am wrong Gunster . If I’m wrong I will offer my sincere apologies for my positive outlook.
Started: Bebeto, 4 Jun 2024 19:02
Last post: Bebeto, 8 Jun 2024 10:02
PKF are meant to have taken on too much work but I know for a fact they're still taking on client companies.
Perhaps they are expanding.
The FCA's Handbook, specifically the Listing Rules (LR), outlines the requirements for maintaining a listing on the LSE. Rule 5.4.1 and Rule 5.4.2 highlight the FCA's authority to cancel a listing if a company’s securities have been suspended for six months:
LR 5.4.1: "The FCA may cancel the listing of securities if it considers that there are special circumstances which preclude normal regular dealings in them."
LR 5.4.2: "The FCA will generally cancel the listing of equity shares or certificates representing equity securities when they have been suspended from listing for six months."
Caracal Gold PLC has not been delisted yet despite being suspended for over six months, it suggests that there may be exceptional circumstances or ongoing considerations being taken into account by the LSE and FCA.
RNS 9th May 2024
The Company has responded to PKF's enquiries in connection with the Group Audit to date and have requested a timeline from them for completion.
Bearing in mind all of the above information, the timeline/publishing accounts is crucial for the company to maintain its listing.
They certainly won't have a 2 year window!!
The CEO is responsible for a company to meet its listing obligations and not the auditors this time we may have had an extension but it's no way to run a company.
Correct Daniel, they'll need an independent competent persons report, PKF would most likely have to outsource this and it will also take time to quantify.
By my estimations the mine plan has a discrepancy of 14koz in comparison to average production data.
The above can be explained through processes and procedures in efficiencies, smeltiing losses etc.
Legalwolf
Fully understand your point and sentiment.
We have an expression in our household - read the room - we use it with the kids in terms of trying to understand situations without words being spoken.
So trying to 'read the room' with the situation with GCAT and the auditors.....
A poster shared Robbies frustration with PKF on here publicly - I can only imagine that was not intended for general public consumption but I think it gave a true reflection of the frustration that he is currently feeling. In the absence of an update I can only assume that nothing has changed and PKF have still not committed to a date. I can only imagine what Robbie is feeling if this is holding up the company moving forward. I would also imagine that the letter might have been drawn to the attention of the auditor - can you imagine how that would have gone down with PKF from a reputational perspective? So a possible explanation to your question about the lack of an update is that there is no update and to issue an RNS to effectively say PKF are still not committing to date will most definitely be noticed by them and I can only imagine the haste in which the GCAT audit finds itself moving to the bottom of the pile again.
It is easy for us suggesting this or the other from the sidelines but we really need to be standing in Robbie's shoes to understand the big pitcure and maybe he is just biting his tongue at the moment. I had wondered myself whether they should engage in any kind of legal action against PKF to move things along - I decided that would be counter productive - expensive, time consuming and achieve what? More and more delays probably.
One thing I am sure about - Robbie is 100% aware of the investor frustration - it must mirror his own.
I'll join in, but I'm somewhat loathe to because it won't be overly positive.
Yep, just an update would be nice. I appreciate we're running fairly shoestring at the moment so are unlikely to have dedicated PR resource (and twitter has slowed to a crawl too), but it's now a 'working' month since the last update. Even if it said "Unfortunately we are yet to receive a timeline from PKF LittleJohn, but we continue to engage with them and will update shareholders as soon as one is received" then we know where we stand.
I've also re-read the 9th May RNS and noticed something that hasn't been widely discussed;
'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.'
4 working days later we were putting out an announcement saying we have no timeline and we've done all we should. So regardless of what friends in the city say, PKF weren't in a position to complete anything until the 4th and, I suspect, that report would require a few eyes on it. Is a month since receipt unreasonable? On balance, probably not.
Started: danieldavis, 30 May 2024 09:53
Last post: Bebeto, 4 Jun 2024 18:16
The rules surrounding updating the market are ambiguous, there is not set time merely in a timely fashion.
Therefore (even if the company had a pot to pee in) it's doubtful that anyone would actually take on a libelous case in this instance, as it's likely to be thrown out.
Regarding the FCA, if anything untoward was found and presented to them, they would first decide whether to investigate before doing an investigation, which would take ages before it would come to a conclusion, so shareholders would not probably be informed in the near term.
PKF are going to verify the mine expansion plan and would most likely have to out source this to a qualified competent persons report. This would take additional time to achieve and not as straightforward as the company would like.
We're all just going to have to wait and see how this all plays out, it's noted that in the last two updates there's been no mention of any gold sales.
Danieldavis - I filter very few people here but you have just made the cut. I only mention in case you wonder why I am no longer correcting your posts.
When /if you read the RNS which in my opinion will be coming - stating that the audit is complete and the shares are coming out of suspension, perhaps then it is time to reflect with others, how you let yourself go down the rabbit hole of conspiracy theories and believing in naughty men hiding in the shadows.
And I don't disagree that they didn't "have" to update. This is my point around most of the RNS process. It's quite easy to see most of the rules one way or the other. There are very few scenarios where you'd absolutely have to update until 100% solidified.
I'd have "liked" to have seen an RNS that updated the market with "we have not yet currently drawn down the funds due to ongoing discussions regarding XYZ. We are optimistic that these will conclude positively and will update in the coming days".
But I'd also have "liked" us to submit the accounts on time.
No, my wording presents known data. It had to be drawn down by 31st December as per the RNS. It wasn't as per the later RNS. The company knew it wasn't drawn down in the interim period because it wasn't in their bank.
Nothing libellous in that.
It's not me who has this holistic belief in sign off and FCA rules regarding RNS announcements. It's you that continues to tell us all that the wording of them goes through rigorous approval processes. Myself, I think AIM is awash with slow announcements. I see this company as no different. What would I tell the FCA? "They're a bit slow at admin". Errr, yeah, we're nearly a year late for accounts... Go figure.
Danieldavies- it is a discussion forum for opinion. Your wording presents your thoughts as facts. Words are important.
In terms of the RNS if the company continued to believe that funds would be forthcoming they could be justified in waiting on updating the market otherwise a premature announcement could have wrong footed the market had funds been subsequently received. If you think that there are grounds of wrong doing please share them with the FCA . I think you will find that others will have already done so though if there were grounds.
Suggest you consider your wording carefully in future rather than create potentially libellous assertions. You are entitled to your view - presenting your view as facts unless backed by evidence is not welcome, helpful or informative though.
Started: sw10000, 4 Jun 2024 16:55
Last post: sw10000, 4 Jun 2024 16:55
For anyone interested, if you want to see any progress on site use the following:
https://sentinelshare.page.link/5Lxm
Not many changes in the last 5 days but been a few things changing slowly over the last few weeks.
Last post: Bebeto, 28 May 2024 16:43
RM's tardiness meets PKF's tardiness.
Perhaps RM would have been better suited to asking the questions they could answer, unless he's otherwise engaged.
They absolutely should have been given a timescale by PKF - the auditors have a lot to answer for! They (PFK) seem to have dropped the ball and playing catchup now.
" As per the announcement of the 9 May we await the final timeline for the audit from PKF."
That was two weeks ago, should they not have a timescale by now from PKF, especially considering the circumstances they find themselves in?
Started: JerseyCrew, 17 May 2024 14:24
Last post: JerseyCrew, 22 May 2024 10:39
ouch. you are on fire sono***un!
Yes JC, knowing you would probably be his first customer.
sono***un…
feel better for that?
Unlikely to return any time soon.
Robbie would be more suited working within a second hand car dealership.
Started: Bebeto, 19 May 2024 14:40
Last post: Bebeto, 19 May 2024 14:40
UK Listing Rules
Listing Rule 9 (Continuing Obligations): Requires listed companies to maintain high standards of disclosure and transparency. It mandates timely publication of financial reports and disclosures of significant events.
Listing Rule 10 (Significant Transactions): Governs disclosures related to significant transactions and ensures that shareholders are informed about major changes affecting the company.
The Financial Conduct Authority (FCA) Handbook
Disclosure Guidance and Transparency Rules (DTR): Set out the requirements for disclosure of inside information, financial reporting, and significant shareholdings.
DTR 4 (Periodic Financial Reporting): Requires timely and accurate publication of annual and interim financial reports.
DTR 7 (Corporate Governance): Outlines requirements for corporate governance statements, including compliance with the UK Corporate Governance Code.
The Companies Act 2006
Directors' Duties (Sections 171-177): Imposes legal obligations on directors to act in the best interests of the company, avoid conflicts of interest, and exercise care, skill, and diligence.
Shareholder Rights (Part 13): Provides shareholders with rights to information, to convene meetings, and to take legal action if their interests are prejudiced.
UK Corporate Governance Code
Principles and Provisions: Sets out standards of good practice in relation to board leadership, effectiveness, remuneration, accountability, and relations with shareholders.
International Financial Reporting Standards (IFRS)
IFRS Compliance: Listed companies must prepare financial statements in accordance with IFRS, ensuring transparency and comparability of financial information.
Started: Bebeto, 19 May 2024 10:59
Last post: Bebeto, 19 May 2024 10:59
Over six months suspension and the Company is hitting every indicator :
Investor Confidence
Severely erode investor trust and confidence in the company's management and operations.
Market Perception
Negative perceptions about the company’s stability and future prospects.
Financing Challenges
Inability to raise funds, lenders will also view the suspension as a significant risk.
Operational Constraints
Cash flow issues and project delays.
Regularity and Legal Risks
Compliance issues and legal consequences. Shareholders and creditors might take legal action if they believe the company has mismanaged funds or failed to meet its obligations.
The audit process may not have been initiated within a timely fashion as required in following regulations.
Started: Bebeto, 18 May 2024 19:10
Last post: Bebeto, 18 May 2024 19:10
RNS 9th May 2024
As part of the Group Audit an independent review of the Kilimapesa 3 year mine plan was required to be undertaken.
Seeing that it's currently being reviewed and we have enough data for the actual Gold production, I thought I'd run the numbers through the computer on the estimated production from the mine plan and compare the two.
Whether the independent review will do this, I've no idea but it would highlight discrepancies and areas to look further into.
While the operational data indicates that the mining and processing volumes are consistent with the plan, the actual smelted ounces are significantly lower than the calculated recovery based on grades and recovery rates.
Estimated production 49,155 oz
Operational production 34,847 oz
So there's a discrepancy of 14,298 oz
While smelting losses are a significant factor, the overall discrepancy between calculated recovery and actual smelted gold can stem from a combination of factors throughout the entire production process.
Losses during processing or smelting.
Inefficiencies in recovery methods.
Delays between recovery and reporting of smelted gold.
The result of the independent review will be interesting.
Started: JerseyCrew, 17 May 2024 15:38
Last post: JerseyCrew, 17 May 2024 15:39
Sorry - wrong stock - apologies
Give them credit - they are walking this up in a controlled and steady fashion - £5K trade now 1.215 / 1.265
Last post: JerseyCrew, 17 May 2024 12:27
Hardly splitting hairs.
What is you opinion as to why the auditors didn't work the file for some time?
Don't split hairs JC, you know what I meant.
Just to point out that they are auditing the accounts - not producing them
Clearly it does when the auditors don’t work the file for weeks.
It does not take this long to produce a set of accounts JC.
Started: JerseyCrew, 16 May 2024 12:58
Last post: JerseyCrew, 16 May 2024 12:58
Thanks
Started: Dmors, 18 May 2022 11:04
Last post: JerseyCrew, 16 May 2024 12:44
I would temper expectations AG - the last RNS talked about down time because of breakdown and power outages.
They only released 6 of 27 drill results last time. Turned out to be a school boy error as the SP tanked.
If they have any drill results that proves commercial viability then they should release them otherwise the market prices in they are not.
I just feel confident with Robbie running the show. The only thing that has changed is the SP. The progress continues
The Q4 results demonstrated great progress in comparison to the previous quarter, and i'm expecting similar progress throughout Q1
I think he said in the proactive interview that more results should be landing any day now?
Really liking that tweet Robbie
Started: Bebeto, 14 May 2024 15:25
Last post: Legalwolf, 15 May 2024 21:53
For me, there's been far too many mishaps and false dawns to argue that RM is absolved of any blame, or that his reputation survives intact, or that he should be seen in any positive light. It's really quite the opposite actually and just look at his record - the charge sheet is full of examples. Remember, there was supposed to be a governance review after the last suspension to clean out the mess. Who would have thought that 6 months later the company would find itself suspended again and this time for several months for far worse governance?
It's not that I am looking to be negative for the sake or fun of it. The implications of the last RNS are very bleak indeed. If we are here debating whether the shares will tank of any relisting, where does that leave any dilutive funding that the company might desperately need. Who is going to want to take the shares in return for giving funding. No wonder the RNS is warning that funding is now at risk.
If GCAT goes under, are you all really going to have warm and fuzzy remembrance of the (imho) chief architect of the demise?
Hodgeyd,
With a smile on my face, I would gladly make anyone a nice cup of tea but certain posters will also know that theirs would be made using a dirty spoon. :)
Back to the Company,
I've no reason to doubt the work effort by RM and have never commented on the subject.
(Myself included) The vast majority of investors here, would have seen this company as a good opportunity to buy in when the company is small and wait a few years for the company to grow before selling with some really decent profits... Simple effective plan.
As time goes by the market /Investors want to know how the company is doing and want to also gauge the progress against the company's (and their own) expectations/ aspirations.
It goes without saying, that they also want the company to follow the listing requirements and obligations.
The above isn't rocket science, it's just the basic duties that is required of the company to the market /shareholders.
A properly run company,
Would have the proper update structure in place, using the same metrics and performance indicators, for every periodic update and it would also contain a view from the company on its own performance and an explanation as to why.
(in-line with expectations is a very common phrase for various companies )
Currently,
The company does not adhere to this and uses a variety of methods, when updating the market / shareholders.
Current Shareholders,
The majority seem quite content using the "word of mouth" as a metric method.
For example,
People really believe funding is close and it will be like a domino effect after the audit but in reality it might be not much further than two people talking in a bar.
This is because of the procedures in securing funding include, due diligence, legal teams drawing up agreeable legal terms and then the signing of a non-binding terms agreement (that has to be put into a RNS to update the market) and only then the funding can be considered close...
Antagonising with replies. That’s all you ever do with peoples posts Bebeto.
I for one think Robbie works damn hard and once they have the right people in the right positions in the company he can crack on and concentrate one what he’s good at. Since taking on Caracal he’s tried to be everything and no one can do that well or successfully.
Once they get new board members and a CFO things should look better and the company run better too, and hopefully our Chairman will be more involved and this is communicated to shareholders so we know and understand what he’s doing for our company.
Come on PKF, let’s get this audit out and let Caracal move forwards for the benefit of us all.
RM needs to step down for the future of the company.
We need someone with real experience who can deliver:
A credible business plan with achievable asperations, for the market to use in order to form investment decisions.
Company following the guidelines for listing requirements.
Updates to the market in a structured timely fashion.
I come on here to talk about the company but if people really do not want to read my posts then please use the filter facility.
There's no point in trying to antagonise me with your replies because you're taking the discussion away from the company and whatever you say has no affect on my posting. :)
I’m most definitely not running scared Bebeto. Far from it. With all the nonsense you’re posting that sounds more like you are….
Citing HNW isn’t a weak comeback whatsoever, there’s not many HNWI’s out there that chuck $780k into something in the hope it fails so they can declare the loss for tax purposes.
You feel the need to argue down everyone else’s points, opinions, even facts, but expect everyone to accept yours, the fact you post so often says it all really. I’ve been on LSE several years now and have posted 242 times, you however have posted 3,321 times, we both joined LSE in 2018 a few months apart. Like I say, says it all really.
Caracal is no different to so many other AIM and Main market listed companies then repeatedly make promises and fail to deliver. Some go under, do a reverse takeover or continue and tune thing around. By they’re are many far worst run companies than Caracal.
Funding collapse was down to a legality, not Robbie’s failure. He’s worked hard to keep the company going to date, although I agree, he has most definitely overtones and under delivered. But when you’re trying to run a company single handed and be everything to everyone he’s bound to drop some balls and make mistakes. How he’s learns from this mistakes is key. Let’s hope he has.
We have a new Chairman, I say new, he’s been in a while now but we never hear from him, he never communicates to us shareholders, in my view he’s failing us more than Robbie but that’s purely based on the fact we know nothing about what he’s doing, how he’s helping or what he’s achieving. If anything.
Once funding hits and we get new board members, as has been RNS’d, hopefully Robbie can concentrate on his key skill areas and let others do the things they’re good at.
At the end of the day we all want this to succeed, I’m convinced it will, eventually, and we can all laugh at your posts, scaremongering and nonsense posted on what clearly is your only job and purpose in life here on LSE. I certainly don’t have the time, or care to post as much as you do. I’m only posting this and taking the time to do so as I’m waiting in a BT engineer to fix my broadband.
Started: JerseyCrew, 15 May 2024 09:57
Last post: Folio, 15 May 2024 10:09
JC - I didn't think I would utter these words. "One , and One for All"
I would say that appears a succsent and fitting summary JC.
Regardless of what I think, I want option 1 lol.
Lets face it most of us fall into one of these camps in their thinking:
1. will come out of suspension and will turn good - hold / top up or trade
2. will come out of suspension but still doomed - sell
3. will not come out of suspension - no decision to make
Any other scenarios?
Over to the auditors....
Tell me about it. I view it as an attempt to manipulate the board by pushing topics they don't like down the page.
But it could just be that they don't understand how to create topics correctly.
Why do you post a single full stop Folio ? You do it quite often and I don't understand it. What does it signify ?
.
Started: kopfkissen, 13 May 2024 16:46
Last post: Swampmonster, 14 May 2024 17:07
When I read some negative press. Particularly when it is sudden and shrill, I like to check some of the source's other material to get a fuller picture of the credibility of the source.
JC - there are articles online and anyone can google them. I don't know if these articles relate to the same people as in GCAT, which is why I posed the question. Others might know better.
Legalwolf - it is one thing to air things - we have been airing old ground time and time again here.
If you have facts please share them and the relevance to GCAT please.
JC - it doesn't matter what is posted right now, or what seeds are planted, the share is suspended. It's open season right now. Might as well air everything in readiness for relisting or bankruptcy/strike off, whichever ends up happening.
Hey Mickey - with a goldmine and existing HNW investors already with a big stake / financial commitment, I think the odds are much better than that. Are these HNW's going to let this fall over and they loose their investment?
ATB
Thank you JC. Your words of experience and wisdom are appreciated.
I'm expecting the company to possibly call another general meeting at some point, for a vote to increase the prospectus share issue as it looks like they've already pre-issued the original amount that was voted on.
I just not buying the funding is in the final stages of completion because there's been no heads of terms agreement (non-binding) and any potential corporate funder would want to see the audited financials as part of their due diligence.
The independently verified mine plan is also a must but there's also several passes between legal teams needed to draw up the terms.
There's nothing contained within the latest update to suggest funding is close but rather it is needed near-term and they are also exploring other options, which suggests the funding is NOT close.
The current production grades are consistent with the grades from 2 years ago, even though they are slightly lower.
The ounces produced is also lower and the jury is still very much out on the heap leach (from the limited information given).
Red Kite - you make a valid point about the tone but you also have to remember that the RNS would have needed the agreement of the advisors / nomad. Given the position with the auditors who refuse to commit to a date for delivery then the company has to be very factual in the wording. The future success of this company is dictated by the ability to ramp up production - its always been the goal. That in turn requires funding and that in turn needs the audit to be complete and for the stock to come out of suspension. So the RNS is just being clinical in setting out the position. What it can't convey is the sense of optimism and confidence as that would be open to criticism as trying to mislead the market and so that type of commentary would not have been allowed. The result therefore is the tone that we are reading. Personally I don't think anything has changed - we just need the auditor to deliver.
The tone of Robbie McCrea,s comment isn’t in the least comforting and clearly reveals the precarious position they are in. The impression is they are hanging on by the skin of their teeth and it’s only the gold price that’s keeping them afloat. A nervous time for all. Good luck everyone