Member Info for Bebeto

Using in Troy Oz today's gold price of $2413 and the last known AISC of $1645 and average deductions from the Company's processes of gold recovery to gold sales. (lot of variables but still average all throughout)

The latest update would give GCAT a sales profit of $290,304

Interestingly the gold recovered from the heap leach operation was a fraction under 60oz but the average should actually be 110oz, so other factors came into play, ie weather etc

The HNW individuals would have only seen the future plans (including the heap leach ounces) when they raised capital via pre issued the prospectus shares.

Now the figures are out for March 2024, they must be wondering how are they going to achieve more than eleven times improvement on current ounces recovered.

I know I would be asking.

We can blame whoever but there's no escaping the Company is in a pickle.

The Minoplex mine plan is currently being independently verified and from the information provided in the latest update, the gold recovery from the heap leach operation needs to increase over 1,100% to meet the monthly average.

That's a massive task by anyone's standards. The results maybe skewed by several factors but we shall see what the outcome is going forward.

This fella must be feeling the pressure

RONALD SHIKUKU WANJALA

Kilimapesa CFO

Qualified Chartered accountant with over 20 years of experience in mine finance and accounting. Covering management accounts, tax planning, regulatory requirements and both internal and external auditing in the mining industry.

The Moss the audit will have full integrity.

'The Company is dependent on receipt of further funding to continue operations and is working with its stakeholders in this regard;'

RM doesn't give out bad news if he can get away from it, (with that in mind) the comment above, RM himself is saying it's NOT a going concern without the help from stakeholders.

The comment is directed at them specifically in my opinion.

Yes positive if it's been repaid.

The debt could have been paid for via the cash from the pre sold prospectus shares.

It is $250k loan with a debenture attached which would be tricky on a default.

It's unconfirmed information though via third party professional.

There's a lot of information we really don't know at this time regarding the Company's current and true financial situation.

I may not think RM is upto the job but I'm still a shareholder.

I wasn't going to share this but I do have uncomfirmed information about the CSS Alpha Global loan may have been repaid.

He definitely won't be my hero but that's irrelevant, he needs the heap leach to perform better, there's a lot of risk at the moment and perhaps the indepenently verified mine plan is probably more crucial than the audit at this time.

LW - How can you take someone's word on financing when everything else he's said hasn't happened, it's been a slow grueling journey to this point and there's procedures that has to be followed, like the audit, the prospectus and financing it's never been such a case where you can say it's being finalised without procedures being followed during the process.

It's a race against time now and a lot of it is now out of RM's hands.

RNS 13th May 2024

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.

This is because of the lending company being unable to complete their due diligence before making a decision.

'The Company is dependent on receipt of further funding to continue operations and is working with its stakeholders in this regard'

The Company is in real danger of running out of money before getting financing over the line.

RM has just about used up all of the prospectus shares to give to stakeholders.

Asset sale is one option but could also take time.

I suspect another shareholder vote at a General Meeting to allow RM to pre issue more prospectus shares. They will have to issue a notice period before vote.

By my calculations they should need a fundraising in July but there's also a race against time to get the audit published.

RNS 13th May 2024

The Company is dependent on receipt of further funding to continue operations

RNS 14th November 2023

The Company shall make monthly payments and each monthly payment shall be calculated as the higher of US $50,000 and 50% of free cash flow of the Company.

FCF comes from gold sales, the company needs to pay it's debts down ASAP

With the current gold price of $2390 per oz, it's really bad form and wrong for the company to not give any gold sales figures in the last two updates.

They are nothing to do with the the audits we're waiting for and shareholders deserve to know the situation unless there are no gold sales figures to release?

You'll probably find on the mining side RM is much better but this type of company needs to be run by a money man, someone with a strong financial background who will make the right cost based decisions with realistic aspirations that the company could achieve.

RM really painted the company into a corner with Tanzania asset and now the best thing would be to monetize it ASAP.

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...

And there we have it, you don't want to read my views and you don't want to filter me because you want to take issue with my views.

So most likely using several avatars within the process.

I'm sorry I can't help you there as the issue is obviously on your side and not mine.

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. :)

They're running scared because they don't want a shareholder revolt and probably by the time there would be one it would be too late.

The weakest comeback is to say HNW individuals have invested but they use their losses as a tax benefit which mitigates their risk.

Hodgeyd,

The RNS updates every UK listed company issues is to update the market, all entities /investors can use this information to form a basis for them to make investment decisions about the said company.

The particular RNS segment that you have taken issue with, has actually helped form this thread title and has nothing to do with the date or an old article not issued by the company.

I've reposted the segment at the bottom and understand this:

If the Company continually fails to deliver it's aspirations set out in a RNS then the market update cannot be relied upon to form a basis for making investment decisions.

There's no point in having a mining expansion plan, no point in raising funds, no point in relisting on the market if none of them can be delivered.

RM has continually failed to deliver, the company has actually declined significantly and therefore in my opinion he should be sacked, he's totally out of his depth.

The Company had issued to the market an official update from the CEO on delivering the Company's aspirations for the next 12 - 18 months.

A lot of money was invested on the back of such an update as the one below and he failed to deliver.

RNS 8th October 2021

Robbie McCrae, CEO of Caracal, said, "Our focus at Caracal is on rapidly delivering on our strategy of becoming a +50,000oz p.a. producer and building a JORC compliant resource base of +3Moz within the next 12-18 months. Whilst we will continue to increase production at our Kilimapesa Gold Mining and Processing Operations, in parallel with this we will be focused on our aggressive acquisition strategy and on our exploration activities on our mining and prospecting licenses at Kilimapesa where the potential to increase our resource base is significant.

Why do you feel the need to reply? Clearly you're not in this conversation as your condescending reply suggests your motive is to discredit and intimidate me into not airing my views because you don't want to read them.

You know how to resolve this and that is by you using the filter facility.

Have a nice life.