Member Info for itsyou

* From the AR 09/11/22

** From 16/02/23

£2m* + $1m** with Orca

£2m* with Koenig(Thomas Koenig also a partner of Orca)

TVR = 2.2129 bn(although not RNS'd) - see companies house(11th Aug)

Nominal value = 0.001 , not 0.0025

SJ_CAT,

Pointless emailing, as either I wouldn't get an answer, or they'de spin some line. They have plenty of history!

It's an FCA requirement, so why should I email!?

If they're not following protocol, why should I invest?

Actually, no need to respond, as your account was created today. You're obviously new, so maybe do a bit more research here and how Investors were lied to.

SJ_GCAT

"With respect to governance, there have been a lot of changes, most notably the new Chairman"

So why are they still not following DTR 5.6.1 as per FCA rules, after the recent issue in both July and August. Considering they need FCA approval for the prospectus to issue a mountain of owed shares, I'd have thought they would want to get the FCA on their side?

Zan_TM "I'm fairly certain the original RNS stated it was conditional and having been in other companies where funding had conditions"

Yes, the word "conditional" was in the first RNS, but not in the one 9 days later, which led many to believe the conditions had been met. A rise over 1p soon followed.

12/12/2022 " This follows the securing of an initial US$10.5m conditional non-dilutive financing"

21/12/2022 "With funding secured from OCIM and Philoro"

They fixed it themselves

"The Kilimapesa team had a busy weekend with Mark and the engineering team in Nairobi worked non-stop to repair the Mill drive shaft. "

"Vim Rutha world class asset" - Did you read the scout drilling RNS results?

"There's also CLN's $1m so far with a possible $4m to come."

There's also :

£2m owed to ORCA in the form of shares(still to be issued and waiting on the prospectus)

£2m CLN with Koenig taken out on 18th July 2022

And other stuff, all resulting in £15.537m of liabilities at 31 Dec '22

Why have so many BOD jumped ship, when the buck normally stops at the top?

Maybe they weren't paid, like the staff(see the twitter rant from a staff member earlier this year), or maybe for other reasons like the ex Chairman. Although he deleted his Linkedin post after a while, after venting his views and explaining why.

Issue is, they are mining ore which has never been drilled. They cannot predict future grades below surface Trenching.

How are they able to do this and skip the years of exploration drilling, resource drilling and feasibility studies that is the normal path before getting finance?

Shallow grade control drilling at this stage doesn't cut it.

As for Open pit...anyone seen any twitter picks of any Benches? All I've seen is surface work.

I'm still trying to understand why there was no need to RNS the 13% dilution, although they did declare in RNS' over a year ago that they owed people shares that couldn't be issued without a prospectus. Although the subsequent AGM approval gave them room to do this. No TVR issued, so MCAP on sites like LSE will be out of date until the next AR.

https://find-and-update.company-information.service.gov.uk/company/09829720/filing-history

I can see that on the 11th Aug 2023 they issued another 250m shares(including Bonus shares - see RTO prospectus)

Total shares in issue now 2,129,311,924, up from 1,878,978,590 and increase of 13%

BJ,

"As Rob mentioned they have options and they can choose from between them. Anything beyond this statement is speculation that we should avoid."

No, avoid any comment which isn't in an RNS. "Rob" has a lot of previous form for saying things in interviews which do not transpire. He's also partial for not declaring CLNS(A.k.a death spiral finance) when they are taken out, but declares them months later when it's likely that those CLN's are being drawn down and the poor PI isn't aware why there is so much selling.

Having said that, RNS' from this company have always brought up more questions than they answer. The latest update another example.

You obviously wasn't invested last year, when "Rob" said funding was secured from OCIM in an RNS on 21/12/2002, yet that wasn't true.

RNS Quote : "With funding secured from OCIM and Philoro, Caracal is fully funded to deliver the Kilimapesa expansion project and exploration programmes in both Kenya and Tanzania."

It's probably worth your time going back through all the Proactive and Stock box interviews over the last couple of years, then seeing if what was said came to fruition.

The 1-2-1 Frankfurt interview is also worth watching from last year, where he also mentioned it was secured.

Corporate governance IMO is the responsibility of the man at the top, yet all we've seen is resignations. Only the Chairman and CEO left, with one NED that's linked to Orca and Thomas Koenig.

This isn't a strong buy imo, not until the prospectus is issue with all the shares owed to Orca £2m and £2m to Koenig last year, then another $1m to Orca this year. Then the 150m owed to mayflower, as per RTO prospectus. 117M owing to Tyacks for the Tanz acquisition(RNS 12th Aug 2022). 37.5m to previous directors pre RTO(3rd Aug 2022). Then a proportion of the 152m Mgt incentives(see RTO prospectus) which would have been met their criteria.

DYOR and GLA

Not according to the scoping study, which was RNS'd on 21/12/2022, which was just before(cough! cough!) OCIM walked away.

"US$19,7m pre-production capital (including mining pre-production & continued) "

So last year it wasn't enough.

I'd expect that inflation since then has altered the number higher.

Hopefully this time they'll raise enough money in the fundraising to get them to 2k/pm. Last year they were looking for $10.5m from OCIM and $3m from Philoro, which was $6.2m less than needed.

APR,

You mention stockpiling, but that is pre production. Plant shutdown also should be ignored as nothing would be produced.

"My interpretation is these are gold SALES not gold PRODUCTION" - NO, they state both smelted ounces(1,645) and sales(1,645). So all gold smelted had been sold.

So where is the 752oz?

Thanks Suggins, my bad C&P to my xls.

38,543 * 2.23 g/t * 78.7% recovery = 2,630 oz

12,177 * 1.26 * 45% = 243 oz

Total 2,630

Reported 1,645

Difference = 985

I would expect a ~10% shortfall.

Here's a question, based on today's RNS :

Processing

-- The milling plant processed a total of 38,543t at an average grade of 2.23g/t,

-- The heap leach plant processed a total of 12,177t at an average grade of 1.26g/t

They mention plant recovery of medium 86% for the 3 months(81,89,89), yet no recovery % for HL, so I'll assume 45% as previously announced

38,543 * 2.23 g/t * 86% recovery = 2,669 oz

12,177 * 1.26 * 45% = 243 oz

So total should be 2,912 oz for the quarter.

Yet they only reported 1,645 oz sold and no inventory. What happened to the 1,267 oz?

But why did they all resign. Did they not get paid, like the staff who were complaining on Twitter?