Member Info for aprogerson

@ZAn & OOSM From my 23-Jan post updated yesterday ... Plant 3 fed "processed 36.8kt ore versus 35kt design capacity so FULL".

The BIG questions for me are:
1) Plant 1&3 stated as working throughout Q3&4 then why was Plant 1 @65% & Plant 3 at @50% ore throughput ??
2) Plant 1&3 "NamePlate" output is 624oz/month if run continuously with Plant 3 using 3m cook cycle BUT only produced 44% or 274oz/month versus 624oz/month possible or 58% average (471oz/m) year to end Jun-22?
3) Plant 3 can use much shorter cook cycle & still get 53% recovery ... why not run more ore through at 1-month cycle and triple gold output from 184oz/month NamePlate to 552oz/month ??
4) RNS states Plant 3 "closed" when "full and mid-cycle" seems more accurate ... RNS wording ambiguous
5) Plant 2 shut as uneconomic BECAUSE throughput is so low ... why not run both plants 1&3 at full throughput and switch Plant 2 back on?

IMHO Operation needs a SERIOUS reboot as does the BoD before they can get "Back To Basics". Messing up the funding was one thing, but screwing up production is just careless to put it mildly
ATB APR

**********************
Processing Plant Sitrep:
> Plant 1 CIL @80% efficiency is operational
> Plant 2 Tailing @50% efficiency = NOT operational as uneconomic
> Plant 3 HL @52% efficiency is operational. BUT is "FULL" as HL cycle means minimal new material added in Q4
> Plant 4 big HL is still under construction

What we also know or can infer:
1) Plant 2 is shut because it is currently uneconomic as it is normally paired with Plant 1 and low throughput. Plant 2 recovers 50% of what Plant 1 does not recover ie 10-11% of input ore which has been running at circa 1.7g/t. So when paired joint recovery has been reported as circa 91%
2) Plant 3 is newish 35kt capacity Heap Leach facility consisting of 3x 15kt pads so you can load say one pad per month and run and continuous 3-month HL cycle which should recover 60-65% of the gold. Only info we were ever given was 52% recovery off a 2-week pilot cycle back in Mar/Apr-22.

Gold Sales (not production):
> Q3 = 806oz & Q4 = 835oz, Q3/Q4 average = 274oz/month
> Average Aug-21 to Jun-22 as been 471oz/month
> Q3/4 monthly = 274/471ozs =58% of average prior months to end Jun-22

Mine Production Q3/Q4 & ore throughput :
> Plant 1 CIL feed = 1.61/1.80g/t processed 43.4kt ore versus 60kt "nameplate" throughput at 500tpd =65% capacity
> Plant 3 HL feed = 0.99/0.86g/t processed 36.8kt ore versus 35kt design capacity so FULL, but implies 6m cook cycle which makes little sense = implies 50% capacity assuming 3m cook cycle

Nameplate Plant Outputs (use H2 ore grades):
> Plant 1 CIL = (1.61+1.8)/2 *10kt *0.80/31.1 = 440oz/month ... assumes 10kt (500tpd*20 days previously stated)
> Plant 3 HL = (0.99+0.86)/2 *35kt/3 *0.53/31.1 = 184oz/month ... assuming 3-month cook cycle and cycle 3*15kt pads
> Nameplate = 624oz/month

@SimpleSimon TINY difference between SXX and GCAT is that they do not need Billions of CAPEX to produce as they are producing gold already from existing plant albeit at modest levels of output
ATB APR

@legalWolf & ID78 from yesterdays detailed post breaking down Q3/4 update:

Processing Plant Sitrep:
> Plant 1 CIL @80% efficiency is operational
> Plant 2 Tailing @50% efficiency = NOT operational as uneconomic
> Plant 3 HL @52% efficiency is operational. BUT is full as HL cycle means minimal new material added in Q4
> Plant 4 big HL is still under construction

Commentary:
1) Plant 2 is shut because it is currently uneconomic as it is normally paired with Plant 1 and "only" recovers 50% of what Plant 1 does not recover ie 10-11% of input ore which has been running at circa 1.7g/t. So when paired joint recovery has been reported as circa 91%
2) Plant 4 is currently under construction so is not shut as never opened!
3) Plant 3 is newish 35kt capacity Heap Leach facility consisting of 3x 15kt pads so you can load say one pad per month and run and continuous 3-month HL cycle which should recover 60-65% of the gold. Only info we were ever given was 52% recovery off a2-week pilot cycle back in Mar/Apr-22.

RNS uses very poor wording of "closed" for Plant 3 when probably better to use "full and mid-cycle", but RNS very poorly written so very ambiguous. It still does not answer my analysis of why Plant 1 has been running at 65% of nameplate throughput or Plant 3 at circa 50% as below:

Mine Production Q3/Q4 & processed ore throughput :
> Plant 1 CIL feed = 1.61/1.80g/t processed 43.4kt ore versus 60kt "nameplate" throughput at 500tpd =65% capacity
> Plant 3 HL feed = 0.99/0.86g/t processed 36.8kt ore versus 35kt design capacity so FULL, but implies 6m cook cycle which makes little sense = implies 50% capacity assuming 3m cook cycle

Nameplate Plant Outputs (use H2 ore grades):
> Plant 1 CIL = (1.61+1.8)/2 *10kt *0.80/31.1 = 440oz/month ... assumes 10kt (500tpd*20 days previously stated)
> Plant 3 HL = (0.99+0.86)/2 *35kt/3 *0.53/31.1 = 184oz/month ... assuming 3month cook cycle and cycle 3*15kt pads
> Nameplate = 624oz/month

IMHO Operation needs a reboot as does the BoD before they can get "Back To Basics". Messing up the funding was one thing but screwing up production is just careless to put it mildly
ATB APR

@NotJohn/RPdard Sorry to see a sensible poster leave but understandable under the circumstances. Personally I like the assets BUT feel thoroughly let down by RM and the situation we now find ourselves in given the lack of transparency for GCATs BoD means you are not the only PI sat at a significant loss through no fault other than believing what you have been told.

FWIW ... I calculated a very similar 471oz/month over the Aug-21 to Jun-22 period
IMHO RM needs to get a grip ASAP
ATB APR

@Kadaval My IG platform has been showing Market Closed for GCAt for last few days so not just today
ATB APR

Just looking for confirmation of a Back To Basics strategy whilst they sort out Kilimapesa Expansion & Development funding. Assuming they are a going concern then Plants 1&3 are fully operational and should be able to produce a "Nameplate" output of circa 640oz/month which is way above the average 471oz/month Aug-21 to Jun-22.

For me the big question that needs answering is what will be done to resolve the short term financing that has been taken out AND what needs to change to stop this ClusterF**k happening again whilst rebuilding PI confidence in RM & the BoD?
ATB APR

I still contest that Kilimapesa can be profitable BUT the question is now is it a going concern which I cannot answer as the funding situation is a Cluster-fcuk! This is a situation which even Clifford couldn't have made up, but RM will need to resolve and/or fall on his sword once resolved.

However, assuming GCAT is a going concern then my reading of todays Q3/4 Ops Report is that ...

Processing Plant Sitrep:
> Plant 1 CIL @80% efficiency is operational
> Plant 2 Tailing @50% efficiency = NOT operational as uneconomic
> Plant 3 HL @52% efficiency is operational. BUT is full as HL cycle means minimal new material added in Q4
> Plant 4 big HL is still under construction

Mine Production Q3/Q4:
> Plant 1 CIL feed = 1.61/1.80g/t
> Plant 3 HL feed = 0.99/0.86g/t

We also know that Gold sales are NOT the same as production but:
> Q3 = 806oz & Q4 = 835oz, Q3/Q4 average = 274oz/month
> Average Aug-21 to Jun-22 as been 471oz/month
> Q3/4 monthly = 274/471ozs =58% of average prior months to end Jun-22

Mine Production Q3/Q4 & processed ore throughput :
> Plant 1 CIL feed = 1.61/1.80g/t processed 43.4kt ore versus 60kt "nameplate" throughput at 500tpd =65% capacity
> Plant 3 HL feed = 0.99/0.86g/t processed 36.8kt ore versus 35kt design capacity so FULL, but implies 6m cook cycle which makes little sense = implies 50% capacity assuming 3m cook cycle

Nameplate Plant Outputs (use H2 ore grades):
> Plant 1 CIL = (1.61+1.8)/2 *10kt *0.80/31.1 = 440oz/month ... assumes 10kt (500tpd*20 days previously stated)
> Plant 3 HL = (0.99+0.86)/2 *35kt/3 *0.53/31.1 = 184oz/month ... assuming 3month cook cycle and cycle 3*15kt pads
> Nameplate = 624oz/month

Commentary:
1) We have no idea of profitability or cashflow as AISC was stated at $1,100 but never stated if this was as previous 471oz/month or at target 2koz/month ... big difference as cost part of the calculation is the same but assuming production against which it is calculated is somewhat different
2) Throughput through operational Plant 1&3 looks low so unsure if mine not producing enough ore or plant at reduced throughput
3) Plant1&3 produced 274oz/month over H2 versus "Nameplate" 624oz/month or 44% operational efficiency

IMHO some serious "Back To Basics" needed to stabilise operations and gold production whilst Primary funding is secured which then allows Philoro $3m secondary funding to resume .... this might be days, weeks or months
ATB APR

@HaresHopin Revised LoM was 10 years at 24koz/annum so circa 22 years at 900oz/month
ATB APR

@ID78 Trying to crunch the numbers now but the "missing" bit of information is the %effciencies and gold held in reserve at the end of each reporting period (ie produced but not sold) HOWEVER they have added a %converted from production to sold which I am presuming is the "missing" bit but still unsure.

I will attempt to unravel but tricky to say the least !
BT PLant 1 CIL is 80% without PLant 2 and 91% with PLant 2 as it was turned off 1-Aug so operational in July so any calculation will need to be done by month but processed ore is for quarter so lots of assumptions needed = Deep joy!
ATB APR

No new Docs on GCAT website so no idea what the resolution that they voted & passed actually were. Anyone got a link to anything that would help inform this BB ?
ATB APR

Anyone got any news or updates ?
ATB APR

@Frank_Reynolds Morning Clifford .. latest reincarnation perhaps ?
ATB APR

On the PLUS side at least Clifford and his latest 13-Jan batch of multiple-personality posts have been deleted by LSE
ATB APR

@Bebeto I not expecting Q3+Q4 update to be a good one otherwise it would have been issued by now. The fact we have an AGM at 10am today and the promise of a RNS update with H2 operational updates and it has not arrived does not help.

I have no idea why RM has not released the Q3+Q4 (H2) results but there is still plenty of "today" left in which to do so but it looks like it may now be after the AGM.
ATB APR

We now know GWMO has raised £800k via equity raise to fund a 50/50 JV to build Stage 1 (gravity Separation) of a processing plant not from scratch but to probably to install second hand plant at site previously used for same purpose. As this is a 50/50 JV that is effectively circa $950k contribution so $1.9m overall.

The plant when licenced and commissioned will be used to process GWMO tailings +Pre-mined materials and capable of processing any material they mine themselves from tehir own licence areas.

Becoming a small producer/explorer and thus generating revenue and hopefully free cashflow would be an absolute gamechanger for a £2-3m explorer like GWMO
ATB APR

@Clifford LOL so Jamie1975 is your latest JOKE reincarnation I see.
ATB APR

@bamfman Please re-read TR1 AW has not sold or purchased any shares it is just he has dropped below the 4% threshold as more shares are now in issue following GWMOs £80k placement.
Simples!
ATB APR

@legalWolf You are not the only one thinking this as I have also been reluctant to top-up & average down here given huge negatives that have slammed the SP despite the huge potential opportunity once clarity can be established. IMHO GCAT is now very cheap with huge SP volatility, but that is for good reason as summarised below:

Negatives:
> last minute OCIM funding failure & lack of information on "overall" funding position
> open CLN issue with lack of transparency & update on position
> delay in Q3 Operational report to arrive with Q4 by 23-Jan-23 AGM
> over promising and under-delivering with 24koz/annum now pushed back at least 6 months

Positives:
> MRE 1.3Moz & 10-year LoM at Kilimapesa
> Average 471oz/month output Aug-21 to JUn-22 ... await Q3/4 output data
> Existing Plants 1+2+3 capable of 1k to 1.5koz/month BEFORE upgrades

The "Gap":
> Credible Kilimapesa funding & mine/plant development plan to achieve 2koz/month output
> Get basic LSE Company Admin & shareholder Comms right
> Nyakafuru 50koz/annum mine development plan & funding
> Kilimapesa updated MRE after 6 months drilling and no update

Just saying as GCAT clearly need to go "Back To Basics" = Output first then grow
ATB APR

No sign of RNS with Funding update/clarification and promised H2 Operations report leaving us guessing to when it might land ahead of Mondays AGM
ATB APR

I think we will continue to have SP volatility until teh RNS with H2 Operational results drop which is widely expected tomorrow ahead of Mondays AGM but equally could drop MOnday am.

LSE close showing at 0.425p up 13%
IG showing at 0.375p close down whatever
After hours trades at both 0.4p and 0,45p (hence 0.425p) but last one was 0.4p so 6% up

Who knows but small trades after hour close @0.4/0.45p for artificial rise then drop to 0.375p in morning to flush more sells?? All games it seems
ATB APR