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JC,
I've already explained my point, in fact I've made the same point numerous times before on the subject of no drilling being done in the location they are mining. They did Trenching, but that's just near surface work. How can you know what grade/width(if any) is below without drilling it and yesterday's results show the need for this.
Average grade dropped from 2.51 g/t on last Ops update to 1.71 g/t and now no longer called High Grade in the RNS, as it clearly no longer is.
That's what happens when you mine and process Ore that hasn't been drilled, never had a JORC, never had a Feasibility study, etc...You're just guessing grades.
Real companies takes years following the correct exploration to production path, this one seems to think it can bypass them.
You only need to read the first paragraph of that RNS, No drilling done! "above the areas drilled"
"Caracal Gold PLC, the expanding East African gold producer with over 1,300,000oz of JORC compliant gold resources, is pleased to announce the discovery of a new high-grade zone above the current underground workings and above the areas drilled as part of the Mineral Resource Estimate (MRE) on the Kilimapesa Hill deposit."
No subsequent drill results
No subsequent MRE
No subsequent JORC
No subsequent FS
No drilling = no desposit
"you seem intent on having an argument here" - no just correcting incorrect statements which are misleading to any Investor.
As for the March RNS; they are not drill results(the future), but what they were milling(the present). They cannot predict the future grade without a drill hole. Where are these drill results to confirm grade continuity at depth? It's just guessing otherwise and certainly not able to be JORC compliant. lol
"new high grade zone identified but yet to be drilled sufficiently as far as I know to be considered JORC compliant." - Show me one drill result then? The RNS declaring it even says it hasn't been drilled.
You are joking about it being JORC compliant without a single drill hole?
JC, Which "know deposits" are these?
The underground is the only one I'm aware of that's been drilled and they say has a JORC resource and that's been shut down. The "high grade open pit" has only had surface sampling and no drilling according to RNS.
"effective interest rate of 15%" - Better than the last £2m CLN the company took up with Koenig, which was at 6%. Although that was a CLN and convertible at 10% below VWAP, but would never have been officially converted without the long awaited Prospectus.
Need to see the accounts really to make a judgement on whether this is a rollover of old debt, or new debt.
No it doesn't as the NSR, mining tax and royalty also increases with PoG, so you don not gain the difference in Pog * amount produced.
Another misleading statement; please read FCA rules listed below.
Here's a big one, since inception there have been ~10 different times when they have stated they are issuing shares without FCA approval. They keep doing it as well(29/09/23 RNS)
I'd be miffed if I was at the FCA with them keep doing this without FCA approval of a prospectus to formally increase the share capital of the company.
Really, how with these results? 10m oz potential, lol
o Hole VMRDD_001 : 13.16 m @ 1.59 g/t gold ('Au) from 45.27 m incl. 1.19 m @ 3.9 g/t Au from 49.79 m
o Hole VMRDD_002: 3 m @ 1.58 g/t Au from 72 m
o Hole NMRDD_003 : 11.44 m @ 3.15 g/t Au from 20.09 m incl. 2.75 m @ 4.12 g/t Au from 25.86 m
o Hole VMRDD_004: 7 m @ 2.63 g/t Au from 16 m incl. 2 m @ 5.80 g/t Au from 19 m
o Hole VMRDD_005: 1 m @ 84.15 g/t Au from 77 m
o Hole VMRDD_006: 1 m @ 1.29 g/t Au from 121 m
o Hole VMRDD_007: 5 m @ 3.17 g/t Au from 57 incl. 12.05 g/t Au from 57 m
o Hole VMRDD_008: 1 m @ 4.04 g/t Au from 12 m
o Hole VMRDD_009 : 18.11 m @ 3.13 g/t Au from 13.7 m
o Hole VMRDD_010 : 7.97 m @ 2.37 g/t Au from 18.05 m incl. 2.4 m @ 5.22 g/t Au from 20.97 m
No mention of actual true widths or drilling incline, #5 would be taken out as Top Cut in any resource statement as it's on it's own and the only encouraging holes(although true width not known - could be drilling along a narrow vein) are #3 and #9, which are right underneath the current plant, so would need moving. Not sure why 4 of these reported holes were right near the Plant, that's normally done as sterilization drilling.
From the Papillion supplementary prospectus dated 23 August 2021, which had supplementary information to the main prospectus issued on 19 July 2021
" Stephen Amphlett, together with Amphlett Pty Ltd (of which Stephen Amphlett is the sole beneficial
owner) are the sole shareholders of Mayflower"
The scoping study published last year in the RNS on 21/12/2022 stated the expansion to 24k would cost double
Quote:
"US$19,7m pre-production capital (including mining pre-production & continued)"
Why is this half now, considering inflation has been rife?
Folio,
Stalker now. I'm invested in the other I post in, not here. I cannot stand ramping and de-ramping. Innocent people loose money on these boards on both sides of the coin!
I post facts as per RNS, yet instead of you counteracting them with your "views" , you've got uptight and have clearly used a swear word. Thes you criticise me for not giving "facts", but say "As for the Gold Royalty It is paid quarterly to the Funder it is included in the Mine plan costs .". Where is the RNS, or URL that says that? Pot and Kettle spring to mins!
Here's my post again; either discuss and correct the points, or stick your head in the sand and continue to be the mind guard here.
""> Prior suspension 3 days ... " - It was 9 days last year. Another case of getting his numbers wrong.
As for blaming previous employees; I'm sorry the buck stops at the top. The CEO should have been all over everything, including the issuing hundreds of millions of shares(Tanz acquition, Koenig, Orca, Mill End etc) when they had no authority from the FCA to do this without increasing the share capital...and still don't. I've never seen a company say they are issuing shares in an RNS which they have no authority to do. But they keep doing it!
Re Mill End and the his comment "well thought out facility" - Really, at Arthur Daley rates.
The CEO should have restricted the spending spree they did last summer(Lab, trucks, diggers,etc) until financing was drawn down. I guess that was also the previous CFO's fault, even though he left earlier that year. He should of also announced all the CLN's that are hanging over the company atm at the time they were taken out, not later in the AR. The ex CFO had also left before 2 of these were taken out."
Have a pleasant evening!