Member Info for aprogerson

Also exploration restarts in Mid-March as sites high altitude ... would be nice to get any remaining assay results back and news of "Cunning Plan" for Processing plant .... still awaiting licencing so BH must be REALLY confident it will arrive!
ATB APR

Looks like steady price gains over last 3 weeks 3.1p to 3.9p ... steady as she goes!
ATB APR

@Tradedesk 25-30% discount is what most if not all placements have been at but all have also had warrants, so no warrants is VERY good news given the circumstances
ATB APR

@repression Deluded how? I am a large shareholder and not happy with 30% haircut, but no one asked me so do I sell or hold?

I decided to hold as happy with risk I took buying into a Junior without a revenue stream and this move will give GWMO revenue when JV mill has been built ... so deluded how?
ATB APR

£800k raised to build mill for processing gold/silver ore as part of JV is good news. Raising at 0.08p versus 0.115p previous close is not so good as is a 30% discount but enables a revenue stream to be built so understandable and will underpin SP from here on in
ATB APR

@LegalWolf Agreed on all points. Pretty shoddy state of affairs on top of RM over-promising and under-delivering

Back To Basics ASAP please
ATB APR

TW report behind a paywall so not shelling out for that stuff
ATB APR

@Bebeto I did a breakdown and options post earlier today outlining options to how GCAT might deliver 500oz or 1,000oz per month with existing kit. Plant 3 Heap Leach we know has been built and is operational with no upgrades required we also know that Q2 Operations report said they recovered 53% of the gold after only 14 days using 1.72g/t feedstock ore. On this basis GCAT could run Plant 3 on a monthly cook cycle and should therefore get at LEAST 53% recovery or over 1koz gold/month.
I could be 100% but please check Q2 Ops report for the figures and as Plant 3 is 3x 15kt pads that gives 35kt max capacity
ATB APR

@Bebeto I hope you meant 350-500oz/month across quarters 3&4, but then given the non-news who knows you may be right and much less was achieved
ATB APR

@legalWold & ID78 Thanks for the Feedback ... but ID78 nailed it with ... "Back to basics. Mine ore, produce gold and sell it. 1000oz a month. Report honestly and keep us informed." So putting this together ...

(my post 13-Jan-22)
1) Solid dependable Admin and Quarterly reporting ... on time, every time
2) Stick to 500oz/month and get EXISTING plant 1+2+3 & mine up to 1koz/month ASAP ... weeks not months
3) Get updated Kilimapesa MRE out NOW ... lets not wait any longer as 6 months drilling without news is more than enough & it will always be a work in progress
4) Confirm Philoro $3m funding position ... provide some clarity good or bad lets hear it please
5) CLN position ... what is the plan EXACTLY

IMHO as comms have been so poor we do not know what plant is currently operational or what mine output is available to feed it as we have had no operational update since 30-Jun-22. So putting this together attainable Production Targets & how GCAT could do it:

> Target minimum 500oz/month: NO upgrades needed just feed existing plant 1 and/or plant 1&2!
A1) Plant 1 CIL only = 10kt *2.5g/t *80%/31.1 = 643oz ... as CIL = 80% recovery assuming Plant 2 offline
A2) Plant 1 & 2 = 10kt *2.5g/t *91%/31.1 = 732oz ... current 500tpd mill = 10kt @Q1 @80% CIL & 50% Tailings recovery

> Target minimum 1,000oz/month: NO upgrades needed !
B1) Plant 3 HL only = 35kt *1.72g/t *53%/31.1 = 1,025oz ... assuming 1 month cook cycle & Q2 @53% pilot plant recovery
B2) Plant 1 and Plant 3 = A1+B1 = 1,668oz
B3) Plant 1, 2 and Plant 3 = A2+B1 = 1,757oz

> Target minimum 2,000oz/month ... using original Plant 1&2 capacity, New Plant 4 & Q1/2 grades and %recoveries:
Plant 1 & 2 = 10kt *2.5g/t *91%/31.1 = 732oz ... 500tpd mill over 20 days= 10kt @Q1 @80% CIL & 50% Tailings recovery
Plant 3 HL = 35kt *1.72g/t *53%/31.1 = 342oz ... assuming 3 month cook cycle & Q2 @53% pilot plant recovery
Plant 4 HL = 120kt/3 *1.72g/t *53%/31.1 = 1,172oz ... assuming 3 month cook cycle & Q2 @53% pilot plant recovery
Summary = 2,246oz/month using non-upgraded plant capacity & Q1/2'22 %recovery data

> Target minimum 2,000oz/month ... UPGRADED Plant 1&2 capacity, New Plant 4 & Q1/2 grades and %recoveries:
Plant 1 & 2 = 20kt *2.5g/t *91%/31.1 = 1,464oz ... 1ktpd mill over 20 days= 20kt @Q1 @80% CIL & 50% Tailings recovery
Plant 3 HL = 35kt *1.72g/t *53%/31.1 = 342oz ... assuming 3 month cook cycle & Q2 @53% pilot plant recovery
Plant 4 HL = 120kt/3 *1.72g/t *53%/31.1 = 1,172oz ... assuming 3 month cook cycle & Q2 @53% pilot plant recovery
Summary = 2,978oz/month using upgraded plant capacity & Q1/2'22 %recovery data

To be clear IMHO 1koz/month can be achieved without upgrades but GCAT just need to chose to do so. GCAT do have options and need to make some quick choices & go Back To Basics.

Once funding has been secured & banked then Plant 1 & 2 can be upgraded and Plant 4 construction completed so 2koz/month can be targeted.
ATB APR

Lets be honest GUN is highly geared to metals prices and they have being going down for the last 2 years, but at a circa 50% discount to NAV thsi share is still VERY cheap and a good way of playing any upswing which looks like is now happening with POG at $1,900, Silver at $24 and Copper looking very perky as China is trying to reopen.
ATB APR

LOL Clifford, if GCAT fell to 0.1p or a £1.8m MCap regardless of funding, MRE, mine output or anything else then there would be a massive PI rush to load up ... myself included. In effect you would be getting an operational mine, processing plant and 2nd 50koz/annum development project for less than 50% of a very Junior Explorer with minimal or no JORC resource ... oh yes and a £310k free cashflow/month (used 470oz/month average to end Q2) production rate @$1,900 POG and $1,100 AISC. That would be £3.7m/annum free cashflow after sustaining costs or a P/E of less than 0.5

Instead GCAT is currently sat at £9m MCap with notional average 470oz/month production for £310k FCF which is a long way from being bust or a basket case as you make out. RM has confirmed we will get a H1 Operations report by AGM on 23-Jan-23 which will give us production figures for Q3 & $ 2022 which no one is expecting to be good as so much of the plant was offline pending upgrades.

IMHO unless RM has broken something very BIG that we are not yet aware of then talk of a JV is very premature as GCAT is a HYBRID producer/Explorer with working mine/plant and 10-year LoM plus a very decent 1.3Moz MRE. This gives GCAT lots of options assuming it can maintain a decent revenue stream and free cashflow then it should not be forced into giving away large chunks of equity (JV or placement) for modest short term gains.

Agreed RM has NOT been open about short term funding and IMHO needs to get "Back to Basics" by fixing stuff that should not have been broken in the first place like (1) LSE Admin (2) Open & regular RNS comms (3) Keeping promises made such as revised MRE for Oct-22 and suchlike
ATB APR

@Clarets Yes a JV on Nyakafuru is an interesting option to accelerate the project and massively derisk it. However I do think that GCAT would be silly to consider a JV on Kilimapesa as it is their "crown jewels" so why give away control especially where the area around it is so prospective and the resource can be expanded from FCF assuming they can can the mine production up quickly to fund it
ATB APR

@TheMoss There are a number of ways that I have seen funders get security when making a loan (there are probably many more)

1) Stream = against a future 'stream' of metal production to a set value, discount to spot or amount
2) Net Smelter Royalty (NSR) or Royalty = set % of future production for life of mine typically 1-3%
3) Lump sum payments with % interest = much like your typical mortgage
4) Delayed repayment loan = similar to (3) but especially useful when used for mine build when income maybe a year after loan is drawdown to build the mine
5) Colaterised Loan Agreement (CLN) = short term loan facility that funder can convert to shares under set circumstances
6) Joint Ventures or Earn-In Agreements - incremental % of a subsidiary company within which is vested the mining rights or asset in question. JV partner earns chunks of SubCo in return for investment of set amounts over set periods of time ... popular with explorers who cannot fund exploration and often leaves them with 25-35% of a working mine rather than 100% of nothing!

> Streams and Royalties are a contract to provide future metals and linked to the asset title
> Loans are often secured against an asset such as plant

GCATs loan secured against the licence is the first time I have seen this used
ATB APR

@Trek Agreed on all points

IMHO the bottom line is GCAT needs to go "Back to Basics"
1) Solid dependable Admin and Quarterly reporting ... on time, every time
2) Stick to 500oz/month and get EXISTING plant 1+2+3 & mine up to 1koz/month ASAP ... weeks not months
3) Get updated Kilimapesa MRE out NOW ... lets not wait any longer as 6 months drilling without news is more than enough & it will always be a work in progress
4) Confirm Philoro $3m funding position ... provide some clarity good or bad lets hear it please
5) CLN position ... what is the plan EXACTLY

If nothing else to save us from Clifford's incessant ramblings ... please
ATB APR

I beginning to find our resident dyslexic "whatever you are" amusing with the cross-de-ramping and extreme randomness becoming mildly amusing ... ever thought of a career in stand up comedy or as an undertaker perhaps?
ATB APR

@Clifford LOL you really are so transparent with same MO and again introducing random new threads

LOL Morning Clifford ... Just so we know is Guentin24 your next / latest reincarnation?
ATB APR

@Swamp My post from 12:45 yesterday lays out the "Base Reversion Case" that GCAT operations should be able to go back to utilising existing installed mine and processing plant capacity using published Ops data from Q1 and Q2'21 so I would have expected some operational improvements since then but we need to see Q3 Operations report before we can be certain. Of course what we also do not know is if Plant 1&2 have been taken offline for upgrades how easy it would be to get them operational again and at what operational capacity.

For clarity I am expecting Q3 and Q4 Operational reports to be around the average 470oz/month, but no way to be certain given the large plant upgrades mentioned on various interviews since without a formal RNS. What we do know is that the Plant 3 Heap Leach alone is a gamechanger as it can produce circa 341oz/month using a 3-month cook cycle or 2-3x more if run lean and fast assuming they can keep it fed with suitable ore ... but again without Q3 Operations report we still don't 100% know how this is configured and if it is fully operational.

Robbie, please pull collective finger out and publish Q3 Operations report !
ATB APR

@Swamp Thanks and looks like the LSE clean up crew have just deleted the more rabid posts from our relentless, resident multiple personality
ATB APR