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It gives additional confidence that they are happy with the drill results ahead of the upgrade to the MRE.

Strange….. mine says the same : )

I didn’t respond- but I enjoyed the posts over the weekend.

Just have to ignore the share price and concentrate on the story here. A lost has happened in the last few months and a lot more is to happen.

There are uncertainties over funding, over the gold in the ground and the gold being produced.

However this board has talked funding to death and it cannot be a substantial placing. I suspect they already have some finance arranged, but to secure the funding they may have to show they have more gold and they show a better sustained level of gold production.

The discussion in the drilling to date has been about how the gold found is as they had anticipated. And as such they must have found enough justify with the go ahead with phase 3 of the plant upgrade.

The gold produced so far has not been a sustained 1000oz a month. Robbie addressed this ‘trying to drive the car whilst fixing the breaks’. They have upgraded the elution plant, they have commissioned HL pads with another to come and Apro has shown this can contribute 800oz a month. Alone. Between this and the current ball mill, CIL and tailings I would think they can start to hit 1000oz a month (easily) and on showing this income, hopefully secure the funding needed along with the increase in gold.

So, to start, is the EMR at the end of the month

Then news on HL and production levels

Then hopefully funding for Ph3

Just remember they have achieved a lot in a short period of time. The SP will respond, eventually.

@aprogerson, yes that does make sense. Good post.

So much for some of my tired thinking last night regarding the huge HL.

100% agree RPdard.

Firstly to get Red ray back. Secondly to ensure no issues in the future. A very clever appointment.

I did notice that in the prospectus but just have not had time to go through it properly. The prospectus is a real wealth of information and well worth a read.

So you think the 100kt HL pad will be next year?

Perhaps the drilling to date on the hill is sufficient to lift the gold resource enough to justify the additional ball mill, CIL and tailings.

To justify the 100kt HL pad more drilling and more gold added to the MRE, and by next year there will be another 6months + of exploration.

So if funding is not by a placing.

And as Aprogerson showed, between HL and the current plant we can process maybe 1500 to 1800oz, then the upgrade in plant can easily achieve 2000oz.

This just leaves 2 risks.

- finding enough gold (RNS this month)
- being able to mine enough ore (as Aprogerson has already mentioned)

I’m quietly confident about GCAT…

I have to admit I think this is the most likely route, Greg25 and why Robbie was in London recently.

As someone said, do we think he was here just to do a few interviews?

Meanwhile I live in blind hope they can fund by existing production. But it is h the less likely of the two options

Great post again Apro and shows the significant contribution by the HL pads.

One thing. To upgrade, if there is a second ball mill, CIL and tailings. Is this effectively a second plant? If it is a second and separate plant, do the existing ball mill, CIL and tailings need to shutdown for a few weeks to install the second?

I have to admit this did cross my mind, suspend drilling.

But I don’t think Robbie is going to do that. I think to raise funds for Tanzania (next year) he wants 2000oz a month produced and as much gold as possible at Kilimepesa.

There was another great post yesterday, can’t remember who posted but starting how they can’t issue many more shares in a placing this year due to the number already issued, Robbie even referred to this ‘not having much headroom’

There have been great posts by Trek and Redroy about funding.

I really don’t feel a placing is going to be the answer to fund Kilimepesa. Time will tell

Legalwolf- This all suggests to me a fund raise is possibly not needed to reach the 2000oz target at Kilimepesa. (Robbie is still committing to the 2000oz a month by the end of the year, and if they can’t do a placing before then… well it suggests he has another funding source or just doesn’t need a fund raise)

I’d need my laptop to check the numbers again, but Robbie did state most of the gold will come from heap leach. So my best guess is 2000oz can be achieved with the current CIL, tailings, the smaller heap leach pads and the large (huge) HL pad, to be commissioned by the end of the year. Opex and Capex costs are lower for HL, and perhaps the large HL pad can be paid for by gold sales if the CIL and tailing can start producing 1000oz a month. The smaller HL pads could lift that 1000oz further. Again I need my laptop.

The other option is of course funding is needed but Robbie’s visits to London has helped find funding through another route. All the best

Put another way.

If Robbie knew he needed a placing and the anticipated response by the SP, why not wait and buy at a lower SP

Hi legalwolf, in particular Jerseycrew and Hargreave24 both came up with this statement. Admittedly you should never trust anyone on a BB, but H24 emailed the company and had it confirmed ‘no funds can be considered until after audited accounts which start July and take 3months, then any raise has to be past by and approved by fca’. Perhaps you could follow the same route? Email Caracal and see what response you get.

I guess there is wiggle room in there, placing July before the accounts audit begins? But reading JC’s comments in combination with H24’s it does sound like a placing is a long way off. And would Robbie have bought so many at 1.04p if he knew he needed a placing soon, and the impact on the SP.

Of course, it would be very nice for the company to confirm this in one of the forthcoming resource updates. I imagine it would help the SP considerably…

@legalwolf so your not sold on this discussion regarding the audit preventing a placing happening?

- Assay results next week
- MRE following week
- and I’m sure Robbie suggested there will be news on the HL pads, timescale is not known

More news due and soon.

It’s funny, the company has been that busy and there has been so much news that it feels strange when there is no RNS for a week or two!

Rightly or wrongly I believe the posts earlier this week saying that a placing can not take place until after the audit is done. The audit will start in July and take 3months. In addition a placing would take another 2 months after completion of the audit as they would need to send a prospectus to the FCA.

If not a placing then to pay that $1,000,000 - either alternative funding IF needed. If they have hit 1000oz a month for 4 months (big IF) then maybe the gold sales will do the job

Meh, funding had been truly put to bed thanks JC and H24 earlier this week.

I was going to reply but I checked the posting history and decided it was a waste of my time.

Have to say this is a cracking BB, some of the discussion this week and last night has been superb and very useful for those less knowledgeable (ie - me). Keep it up.

RNS soo at this rate, that’s 2.4% of the shares in issue IF the same buyer…. And I suspect he already has a few..

2 buys? As the SP hardly budged I guessed a buy and a sell.

A HNWI loading up then…. : )

Those 2 trades - one is a sell, one a buy?

Any thoughts JC?

Im not invested (I put the money I had earmarked for BMV into that other share), but I’m watching closely..