Member Info for Bebeto

LW,

13th July 2023 RNS, company raised £351k

'The proceeds of the Subscription shall be used to fund the transactional costs for the Kilimapesa expansion funding currently being finalised.'

We're still waiting for this funding and that money would have gone towards the audit and there wouldn't have been any suspension.

Wonder where the money went?

'Anyhow, given Robbie could come and curl a fresh turd out on your carpet and you'd still find a way to blame external factors, I'll leave it there'

JC & Co LOL LOL LOL That's so funny and true :)))

Daniel, I totally agree,

I contemplated asking PKF about the email and then thought better of it as we don't want GCAT to be blacklisted by other auditors because of the childish actions of the CEO.

Wonder how many people really believe if this relisted tomorrow without funding it wouldn't be a massive bloodbath.

PKF are saving everyone at this moment in time.

RM has conveniently DROPPED the part from today's RNS 'come back fully funded for the expansion'.

Careful what you wish for...

Fundraisers RNS from 29th September 2023, has this paragraph

The issue of the new Ordinary Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA"). Caracal continues to progress the prospectus through the FCA.

LW

They've forward sold the prospectus shares and nothing material for the company left in it.

£780k working capital was the last of it, going by all the fundraisers the company was overspending on average $388k per month, so end of June roughly before another fundraiser likely to be needed.

Guess what's NOT IN the RNS but was in the email reply.

'the company will come back on fully financed for the expansion and we will achieve our full valuation.'

'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.'

This is all part of the audit process as per the previous audit by PKF Littlejohn LLP the Senior Statutory Auditor is doing a thorough review to ensure the integrity of the audit.

RNS updates are the way to go, as I previously mentioned the Kenyan auditor is just one component and people complaining about the over kill of the investigation don't understand what is required of the company.

End of June as I've always maintained the process needs to be wrapped up by.

Lol big underwater holders have to blame someone as they can't blame themselves for being in this position.

I'm delighted to be filtered as it gives me a free reign :)

I'll stick to RNS updates for information as grades aren't shown on photos.

Everyone is entitled to an opinion here not just the bully boy tacticians.

It's all a bit of a distraction from the real news about the company though.

Imagine other posters getting upset about being reminded of comments made in a RNS, says it all really.

A fool and their money is easily parted JC ;)

Lol it's very nice for others to take ownership of my posts but I'm pretty sure that I'm meant to be filtered and therefore my posts aren't meant for their judgemental comments.

I'm a shareholder here and I'm entitled to have a opinion the bully boy tactics deployed doesn't work with me as I've been in this game long enough to know that certain people are saying one thing and totally bricking it behind the scenes.

I took my loss early on and hold a sensible position and those who think I'm just here to cause trouble are actually odds on for a very expensive lesson in the world of small caps.

Happy to remain filtered as the trash always takes themselves out.

Strange people lie when they say they have filtered and haven't, curiosity killed the cat.

People not liking facts presented to them, if you're in any doubt that the HGZ bumped up the production figures to give an inflated view of production, again I refer to the

RNS 21st March (near end of Q1) 2023

A mining plan confirming 90 days of high-grade material has been prepared and is being actioned.

May I suggest anyone who has a significant amount of money invested in this company, to review thoroughly every RNS that has been issued and then cross reference.

At some point in the future you may need to know things that might help you.

And there's me thinking I was filtered by you lol

Here we go :

RNS 21st March 2023

360tpd of high-grade material with average grades from 3.31g/t to 4.74g/t being processed,

6 zones have been mapped, sampled and a bulk samples processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B.

the resulting information put into a mining plan which supports throughput of high-grade ore through the milling plant for the rest of March and for the 2nd quarter of 2023 (April, May and June).

So the HGZ grades are between 3.31g/t and 4.74g/t and the mining plan is only for April to June.

RNS 7th March 2024

Open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 g/t

3B from the HGZ in the first RNS is now at average grade on 2nd RNS and the 5 other zones there's no mention.

Posters on here are sounding increasingly worried by defending RM at any cost instead of seeing the king has no clothes on.

By far the biggest red flag RM has made was moving the company away from the structure of quarterly updates.

Any company that does it will only means bad news for shareholders. It's a very old trick for hiding information from the whole market.

Worse still the Q2 update contained inflated production / sales figures due to the presence of the High Grade Zone material.

The HGZ material was used up (as it was forecast to be) from the end of Q2.

There's been no quarterly update since and therefore the shareholders don't have a scooby what's happening behind the scenes here.

The was a RNS update on 7th March 2024 but this only contained limited information, confirmation of no HGZ material and some (limited ounces) gold contained in the process.

RM should now be focused on the FCA & LSE as they're within their rights to end the main market listing (which is at the extreme end of options available to them) and he's developed a pattern for non compliance issues.

When a UK main market listed company wants to issue a larger amount of shares, they have to do it through a prospectus.

As shareholders in the company, we have first dibs to buy these extra shares but to get around this, the company has to have a special resolution & resolution passed at a general meeting.

The above was confirmed in the 9th October 2023 RNS.

We know the value of the extra issue as being

£1,068,378.08p from the resolutions.

RM dash already raised the funds from virtually all of the amount and owes the shares out.

There's nothing material left for the company contained within the prospectus other than paying off what's owed.

So RM talks of being fully funded on relist and raised the transaction costs for funding last July.

Something doesn't add up unless the funding is via another undisclosed source.

I think they have until the end of June to sort the situation out, otherwise they would be close to needing another audit shortly after (within 4 months).

It looks a total mess at the moment and the audit is only one part of the jigsaw.

Zan, clearly you commented in between me writing my post and posting it.

PKF has to maintain the & their integrity of the audit there's absolutely no need for them to be blamed in any way for the audit.

Companies are not just sitting there waiting for a job to come along.

Lol how to say you know nothing about audits without saying you know nothing about audits.. Answer poster below ...

BTW if this does go down the pan, the lawyers would be interested in the 13th July 2023 RNS as RM would probably find it hard going to explain

'The proceeds of the Subscription shall be used to fund the transactional costs for the Kilimapesa expansion funding currently being finalised.'

It's a bit rich to blame the auditors when the company did a fundraiser on 13th July 2023 for £351k

'The proceeds of the Subscription shall be used to fund the transactional costs for the Kilimapesa expansion funding currently being finalised.'

The funding is nowhere to be seen 10months later, so where were these costs coming from? and where's the money gone?

That money could have been used to start the audit and there wouldn't have been any suspension.

Audit process for GCAT is layed out on pages 36- 40 of the previous audited results, found on companies house.

The Kenyan auditors are just one component and they are following direction from the Senior Statutory Auditor in UK.

All financials have to be tested including estimates, the Directors also have responsibilities.

RM clearly doesn't understand the processes involved with UK listed companies, he's made several claims that just doesn't comply with the rules surrounding UK listed companies.

Lol I think a lot of the posters here are not very thorough and have ended up in this situation because of it.

I'll throw everyone a bone, in RM's email he was complaining about the Kenyan auditors going through and testing the mine plan from Minopex Advisory (Pty) Ltd, a DRA Global Group Company,

What part of the audited financial results upto 30th June 2023 actually covers a mine plan from 26th October 2023.?

With that in my mind it's easy to work out exactly where they are.

Whether or not this comes back soon will still depend on the other information the FCA and LSE will want, whatever that is.