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Dry humour, as the stereotype of an African economy is built on corruption, so hence the brown envelopes and dry humour.
Not* complicated. 63 - what brown envelopes?
No complicated? Much of the company's assets are invisible to the accounting professionals - being under the ground in Africa!
Some thought has to go into explaining the brown envelopes. Lol.
Yes hopefully Alhambra7, I can't see the accounts being that complicated it's not like there's a lot of profit to calculate!! There must be something in the finance of the business that either didn't appeal to the last accountant or simply GRL chose a bad time to change accountants in advance of the filing date. Either way let's hope they get this share relisted soon and for once they deliver a better gold total to lift this dismally low share price.
For new accountants to sign off on a company of this complexity will require a significant degree of research and analysis - and, hopefully, this is ongoing.
Sigh...............what a mess GRL is - any ideas for relisting dates when the new accountants have finally had a review of the GRL accounts - I had hoped by the end of July but I'm guessing now by the end of August now! I run a small business and I know I could request from my or any accountant to get my business accounts in order as a priority in a matter of a couple of weeks if you're happy to expedite with additional costs, so I'm assuming GRL are for some reason playing a waiting game with the usual disregard to share holders but let's see what happens. Good luck all LTH's.
Agree Wasarunner. There's no point in looking forward at gold prices when production was halted in first quarter and there's issue getting the gold out from the leach pads. It's been a couple of months so hopeful mining is back on track. Last year and 1st quarter 2023 have been frustrating and Emma needs to build back credability in respect to operations.
Let's see when we get a second quarter update and mining forecasts for second half.
Hopefully Emma knows too.
Goldstone retweeted the Morgan Stanley article yesterday about strong gold prices expected in 2024. Strong gold prices are really well and good, but we need to a. be re-listed having published audited accounts and b. produce some. I thought it a bit odd that they would be tweeting that given the current circumstances but there we go.
That's all we get here - maybe this, perhaps that!
No option but to wait and see....
(-.-)ノ⌒-~
It’s another classic from Emma. Another month passed, another anticipated timeline missed.
“Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023.“
These lot are complete and utter amateurs. I’m going to make every effort to attend this years AGM and make my feelings well known
Soon something must happen . Cmon Emma
I'll try be a bit more optimistic as one of my bigger holdings.
I do believe they have been trying to increase recovery rates, once they can show improvements in recovery and rates we will see this turn around.
I'm not buying into the conspiracy theories, issues they have had arent abnormal while setting up a new site, they know what they need to do to improve recovery rates.
Calling the bottom at 2.15, expect it to be back 4-6p towards end of the year.
Anyone got any positive vibes ?
I imagine there are advantages to being registered in the Caymans (if it's good enough for Rees Moggs - and he's running the country to have his hedge fund there then why not eh?) and Ghana is where our assets are so it makes sense to have companies registered there. Per se I don't find that odd or sinister but agreed I hadn't realised they hadn't been established that long - look like VC type people to me. We'll see in due course I guess....
Waimea agree with what you say and add in BlueGold investing £2.5m recently - very unlikely you shaft a new investor so soon after they buy in. However (and for me, this is the big however), you run things on a shoestring up to the point where you can't generate enough gold to hit your b/e at which point your sp plummets at which point you need funds because you don't b/e etc etc it is a spiral we simply have to break out of. If we don't, the next raise will be at 1p etc. I'm really liking the idea that we can, and we get to a point where we are covering costs but the 250oz last quarter was a bit of a shock tbh. They should have been much more upfront about stopping production while they install the new plant because then at least we could have been prepared for that number.
Also Akrokeri is all well and good but spending money drilling it then raising to cover opex costs at Homase does not make business sense to me. Get Homase producing at b/e then start drilling Akrokeri. I understand that there is ambition to produce more but you have to walk before you run IMO.
Appreciate we're in a conspiratorial mood now, but aren't there at least some things that suggest the company is being run sincerely if poorly? And absent de-listing, isn't everything else is survivable?
One big thing, I would have thought, is directors converting fees to shares, which four of them did in October. The price was 5.9p then, so they're all sitting on a pretty big loss. Unless they're getting shafted too, or there's a longer game I don't see?
And a small thing – why launch a new website?
On the other side, is it not possible that this is a small company being run on a shoestring, with low free float and low liquidity, and sure enough, they've mismanaged a number of things and seen the SP plummet with not much to catch it? That makes as much sense to me, and doesn't involve any conspiracy.
Goldyblocks . You may be correct . It’s hard work owning up to the fact you have been shafted .
That’s the reality I am facing
Please make relevant posts only....
likewise goldyblocks - if emma and co can be bothered to tell us when and where the agm will be i’m going to try get there myself too and give bill and co my thoughts in person. they can’t avoid you that way.
waimea - i’m just not convinced this lot are stupid. i think it’s the opposite and they think we’re stupid. with gold at $1900 a producer you would think would be doing whatever they can to get as much as they can.
the only thing i would say in their “defence” is heap leaching isn’t straight forward so there is a small chance they just overestimated their abilities in that dept and have royally ****ed it up….things like the audited accounts just make me very wary
Personally, I’m holding on, not very happily, to the old saying: “Never attribute to malice that which is adequately explained by stupidity.“
¯\_(ツ)_/¯
Also agree GoldyBlocks and jdt1990............GRL management have got a lot to prove and so far it's looking like an AIM stock designed for failure but to fund other interests for the management team, really hope I'm wrong and it's just dumb decisions which they will learn from.
Any bets on when we're re-listed, just for fun I'm going with by end of 31st July but the management team may reveal any possible 'sinister plans' depending on what they find in the accounts - again just my bitter and twisted mind thinking the worst and hoping for the best!
You only have to look at the likes of NCCL (now solgenics) as to how easy it is for an AIM company to be a legal Ponzi esque scheme.
Interestingly there, shareholders (me being one) were shafted with raise after raise to get close to project ready stage. Then as part of those raises one of the BOD took up a significant stake. Enough so that when they cited AIM was too expensive and needed to delist to raise funds privately, they had the votes to pass it.
Shareholders had then been used to fund the donkey work to a project ready stage and the BOD took a huge holding on the cheap, then delisted to reap all the rewards for themselves.
It was all done deliberately. Could this be the case here that we’re just a vehicle for them to take all the spoils? Maybe, I hope not. Something really doesn’t add up here though and sadly I’m of the opinion I’ll struggle to see any of my cash back.
I have mentioned before - and will keep saying - this company really needs some help at boardroom level - as I think market confidence in their RNS releases concerning future expected performance is near nihility.
No hard evidence other than the recent events over the last year as for an experienced management team many of these issues could have be avoided especially the latest audited accounts failure and in general the ongoing lack of delivery in terms of gold pours and progress..........All in my opinion of course and I'm heavily invested here so really hope I'm wrong but I've been burnt a few times on AIM and I need some positive news soon to help alleviate my suspicions. Good luck all and look forward to the suspension being lifted soon!