Member Info for Bebeto

Funding would be sensible and maybe even a requirement, either way I'm still looking to sell until after the prospectus shares are out of the way.

Warrant holders, could also flip their shares at this point.

If or when the company can deliver on production, will be the time to look at re-investing.

Possible trading opportunities in the meantime, to recover losses.

JC,

Agree increased production does get much better funding solutions.

When things go well, companies like to tell shareholders and become very transparent, that's the area shareholders should be aiming for as the share price will follow suit.

JC,

When to loan notes convert and it could take up to £6.53 million of debt off the balance sheet, in turn putting the company in a more favourable position when looking for additional funding.

The uncertainty for me , is the intentions of ORCA and Koenig, once they have their allotted shares and how that affects the share price.

Corporate governance issues can be easily resolved.

Cynergy, they seem to me more about Tanzania than Kenya and that keeps the door open for my attention.

JC ,

I don't think as far ahead as you do, I've already said I don't know what the company's future is.

I make my own investing decisions, they are my profits and losses and therefore nobody else gets a say in what I do.

Currently, my decision is to sell if the suspension is lifted and reasses after the dilution from the prospectus.

The terms of the CLNs (particularly for ORCA and Koenig) state that the notes will convert into shares automatically upon the approval of the prospectus by the FCA.

There will be more shares contained in the prospectus, not just Convertible Loan Notes possibly 5 to 10 billion shares all together, but that's just a guess.

There's up to £6.53 million worth of CLN waiting to be converted.

I'm being totally transparent and other posters don't like it lol.

The auditor, has provided the challenges facing the company in order for them to lift the suspension.

I am going to exit when the suspension is lifted.

The elephant in the room, is the prospectus and what the dilution means to current shareholders.

The FCA will decide to lift the suspension and they will also decide on the prospectus.

The company's regularity governance has been shocking and needs to be resolved.

I've no idea what the company's future is, but I do know selling at the next available opportunity and maybe rebuying after the prospectus/ possible consolidation, will most likely give my investment a better outcome.

Seriously this isn't a standard comment , and I just want the suspension lifted.

I'll walk you through the issues, the auditor has raised;

The auditors could not obtain a financial forecast from management, making it impossible to assess if the company can continue operations.

Lack of future cash flow assurance increases the risk that Caracal Gold may not meet its liabilities or fund ongoing operations.

The company reported net current liabilities of £13.257 million and depends on additional funding to pay off short-term creditors.

The required funding is uncertain due to the absence of financial forecasts, creating risks around Caracal's financial stability.

The auditors were unable to attend the year-end inventory count due to unsettled prior audit fees, meaning they could not confirm the accuracy of inventory levels.

Adjustments, including £642,000 related to Kilimapesa Gold’s payables, were not accurately reflected at the group level.

Errors in lease accounting were identified, with incorrect application of IFRS 16, and not corrected properly under IAS 8.

£152,000 in administration expenses from a subsidiary, Tyacks Limited, could not be verified due to insufficient audit evidence.

Investor warrants were recognized incorrectly under share-based payments instead of financial instruments, as required by IAS 32.

Until these issues are resolved, Caracal Gold is unlikely to satisfy the regulatory and listing requirements for the suspension to be lifted.

" The auditors were unable to obtain sufficient appropriate audit evidence to support the directors' assessment of the Group's ability to continue as a going concern. This was due to the lack of reliable management accounts and up to date financial reporting which can clearly state the current financial position of the Group."

I don't think the BoD are capable of running a listed company.

The auditors clearly do not share the BoD's confidence of the company, as a going concern.

"The auditors have stated that they are unable to form an opinion on these financial statements due to the cumulative effect of the uncertainties, as noted in their report."

If the auditors can't decide, how will the FCA lift the suspension???

It was at a premium to the share price because it has associated costs to pay, due to issuing warrants.

Yeah 44 Oz per month from the heap leach.

Legalwolf, probably better to let the remaining shareholders have a chance to get out first.

If people think this company will succeed, then get your purses ready... possible exodus opportunity coming to you.

Can't wait, I've seen enough of all the baloney.

Hope the FCA will oblige.

A small group of around 5 to 15 people from the PMO department of the FCA, will review everything and they will formulate a decision on whether the suspension will be lifted along with everything else.

If they decide to lift the suspension then I'm out of here!!

Everyone else can say or do as they feel.

It will go back into suspension in November (if the June 2024 results are not published)

And who knows what will happen then...

Suspect a massive trading opportunity to those brave enough to hold.

JC - I know exactly what rule and legal point that would have triggered a RNS requirement and from your question you haven't covered it, so why do I need to dance to your tune little man???

I suggested you should ask someone with some legal experience and that sticks.

Mmmm so how much gold is this gold company actually producing or selling or generating in revenues??? Don't tell me I'm not interested!!

Currently, It's nothing more than another listed company in financial distress which has a history of non-compliance issues.

Hopefully the financial statements for 2023 will be published soon and the FCA will let the suspension lift, so I can exit here.

I do believe it will present my last chance to get out of this investment.

People might think otherwise and that's their call, not mine.

The reasons for getting out being;

I don't believe the grades of gold and recovery are sufficient to maintain production.

I've seen enough of the management's non-compliance issues.

There's much better opportunities out there.

They have 7 weeks to publish up to June 2024 audited financial results or go back into suspension and I'm not going to do that as I think it might not come back from it.

Jeez, the two posters below are really something...

Someone with any legal experience, should be advising them on whether shareholders should have been updated on this issue.

JC- if RM is only updating the market what he likes and not updating what he doesn't like, then he is not allowing shareholders to have a fair view of the company, it gives shareholders a disingenuous view for them to make investment decisions in Caracal Gold.

It's a serious offence and the FCA could take action against him/ Caracal Gold.

I find it quite strange that a relatively low compensation fee of just over $160,000, resulted in items being seized for auction instead of being paid from the money raised.

I've just been looking into this and in the event of insolvancy, shareholders could potentially pursue a class-action lawsuit against the company, its directors, and possibly auditors if there’s evidence of mismanagement, or failure to properly report material issues.

The legal process began in May 2022.

The company has cited PKF as the reason for the delay in the audit, but there's probably various accumulated reasons.

The July order, being more procedural (about enforcement), would likely not trigger additional disclosure requirements unless significant new financial impacts arose.