Member Info for itsyou

Hi Mikey,
Trust takes a while to rebuild, but time heals.

But in answer to your question, No CLN's. I can't invest in any company with "death spiral financing".

So at this stage, that would require adequate funding to pay them back and all other monies owed, whilst also listing the shares that they owe to multiple parties, so investors can calculate a true market cap. Forget about 24k pa, first get to 12k pa and pay off debt.

GL Mikey, hope you and all other investors make a killing here!

" "It might even drop back below 13p on the plunging gold price" - I was right. "

Predicting it will drop below 13p at 15:29, when it had already dropped below 13p 7 minutes earlier at 15:22, is hardly an excuse for self gratification!

Less $62k a month BoD base salaries.

No comment about them taking a pay cut with just £2m in the bank at year end.

This is not a £7m mcap company. There are a substantial number of shares owed, but not listed yet. This is the first company i've ever seen who issues shares without FCA approval!

The prospectus will give the true number and the true mcap.

What happened to the two diesel 500 KVA Caterpillar generators that used to power the plant, prior to electrification?

Surely they would have kept them for the scenarios they've recently experienced, as part of their BCP?

Sorry to bring up an old subject; don't look in that often.

Can't see any new surprises in the Interims, which is good.

ID78, Re prospectus. The company has a short paragraph on this in today's RNS "Share Admissions and Prospectus update". But read footnote 8 and 9 for a better idea of these liabilities and the number of shares to be issued.

JerseyCrew,
RNS : 12/07/22 https://www.investegate.co.uk/caracal-gold-plc--gcat-/rns/increased-mineral-resource-estimate-for-kilimapesa/202207120730040822S/

I've invested in gold explorers/miners for over 15years and with each JORC update, the official JORC statement is either attached to the RNS, or soon available on their website.

Look at Shanta : https://www.investegate.co.uk/shanta-gold-limited--shg-/rns/west-kenya-project-resource-update/202302220700036128Q/

8 months post JORC, yet still no report available! Without the report and with their history...

Imlom,
So where are the drill results? Have you actually read the discovery RNS?

They announce a "discovery of new high-grade" and as the RNS says "above the areas drilled" - so they are saying it wasn't drilled, which confirms what I am saying. Did you miss the RNS, or not read it?

"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."

The last drill results were announced on 06/06/22, and the grades they reported are less than what they say they are mining, plus the widths look very narrow(RTO prospectus says it's very narrow veins). So how come they have 6 months of feed on one skinny low grade vein? Genuine question, where are the drill results that lead them to this discovery?

Also, they haven't drilled Fences, just a few exploration holes hitting mineralisation in various locations. But no follow up resource drilling. Image in the RNS shows this, yet they are guessing the mineralisation continues to the surface from the drill hole. Geology doesn't work that way. Plus again, the drill results are lower to the grades they are processing.

https://www.rns-pdf.londonstockexchange.com/rns/6767N_1-2022-6-3.pdf

iamagoldbuyer,
No, but a lot more than you which is clear. Investors who don't understand the technical details of an explorer/miner, should not invest in it without risking losing all their money imo. How will they know what to expect and what's good/bad?

BTW, Franck(his actual name) should also know you don't mine ore unless you've drilled it and done a feasibility study on it. Otherwise, that's a big risk. It's called trial mining, which is what they appear to be doing imo. Also Franck should know that when a company announces a JORC compliant resource, they also attach that report to the RNS. I've not seen the JORC report on the resource update they did. Where is that also and the FS study for the mining they're doing atm? Some nice grades currently, but how do they know they'll continue without it being drilled? Potential investors would know this and would they see it as a risk, or not?

Where are the drill results to support 180 days of feed?

Surface sampling and trenching is only guidance to what's on top, not what's below.

Suggins,
Never seen a pic before of them doing 3 bars though. One and a bit was the most, if I recall correctly, but never 3.

Talking of zooming in on images...

This picture they put on their Twitter feed on 21st Mar show a gold pour, where the pour has created 3 bars

https://twitter.com/CaracalGoldplc/status/1638047475981336579/photo/1

But where are the other two bars? Robbie holding only one; scales only have one!?

The pour was done on the 20th Mar(smelting Monday's or whatever they call it)

They did earlier post another pic on the 20th of this pour :
https://twitter.com/CaracalGoldplc/status/1637833087722704899/photo/2

But this shows that the image posted on the 21st of 3 bars poured, is not compatible with the other image. The brickwork is different, so is the picture theirs, or from a previous pour?

Here's my image to show

https://ibb.co/NNQTR6w

correction : CLN with Orca for $1m(16/01/23)

SomersetUK,
Yes that's what they have been saying for the last year, but not one cent has been raised so far through non dilutive financing in that time. In fact they've done the complete opposite and raised money through very dilutive finance, where the shares are still yet to be issued:

- CLN for £2m to Orca(22/03/22)
- Loan note Instrument of £1.2m to Mill End(21/06/22), with interest of 133.333% of the principal to be repaid by 150 days(still not paid)
- CLN for £2m to Koenig(18/07/22)
- CLN with Orca for $1m(16/01/22), with a further $4m that can be drawn down.

The prospectus will need to include enough shares to cover the above, plus the 150m shares owed to Mayflower(prospectus), Management incentives(prospectus) part of the 142m criteria ahs been met,116m for Tanz acquisition(12/08/22 rns) and 37.5m for former directors(03/08/22 rns)

Once the prospectus has been approved by the FCA, then the true number of shares in issue will be known and a true MCAP be known.

Good RNS yesterday though, lots of detail.

DYOR

But where's the profile of Paul Reeves the CFO? . He's not present in https://caracalgold.com/senior-management/, even though Ronald the lesser CFO of Killi is.

Looks like the website is still WIP as still missing the shareholder register. https://caracalgold.com/shareholder-analysis/

137oz over 2 months is enough to cover the salaries of RM, GKG and RL for the same period, based on current PoG and AISC of $1100.

So hopefully they've produced more than that, so the rest of the BOD, Mgmt and employees can get paid.

Normally CLN companies only give the money after they have converted. That is the way it normally works and the CLN company is on a win win and doesn't care about the SP, just volume.

These CLN's look like they are secured against the holding company Caracal Holding plc, not Caracal Gold plc, as per yesterdays RNS

Yes SW.

IMHO, their biggest mistake was announcing the Tanz acquisition on 7th Dec 21 and expansion to 24k on 14th Feb 22, without having the funds secured to do both and also the share capital headroom for the shares they promised. Too many shares pledged without approval from the FCA to do so.

Hindsight is a wonderful thing though; a bit like charting TA.

APR,

Also the shares owed as announced in RNS' 3rd and 12th Aug 22, plus those deferred shares owed to Mayflower(RNS 9th Nov 22), plus a percentage of the Mgmt incentives(RTO prospectus) where they met the criteria.

All still to be issued, so the prospectus will hopefully have a number to satisfy everything and then a true MCAP can be assigned to the SP.

BTW the Koenig warrants were for another £2m CLN. Unless this replaced the 22nd March one with Orca, as Thomas Koenig is the MD of both Koenig and Orca

https://www.companyhouse.de/Thomas-Koenig-Pfaffenhofen-a-d-Ilm


Sound like this full disclosure is the plan, from yesterday " We expect to provide a comprehensive update which will include an update on Philoro, Mill End settlement progress and summary of the capital and debt position of Caracal"

The above would be great.

aimofthegame,

"Exercisable at 0.6p or 90% of the VWAP if the 10 day VWAP is below that level. "

That's the Orca one from 22nd March and has been converted already into shares, but the shares still haven't been issued as per AR RNSd in Nov : quote " and an amount of GBP2m owed to Orca Capital for Shares paid for but still to be issued."
Those shares are still to be issued, but "paid for", as they max'd out on shares they could issue.

But now we know the number of shares, as the conversion price was 0.6p. So 333,333,333 shares still to be issued for the 22nd March CLN alone, prospectus and FCA permitting.

Wasn't going to post again, but hopefully this one will be my last.

So now we know why they still owe Orca £2m, as detailed in the AR. Another CLN taken out on 22nd March 2022, making 3 now in all.

I never invest in companies that have CLN's(aka death spiral financing), so had I known this was taken out on 22nd March, I'd have sold the lot back then.

Investors have been completely misled by the non announcement of financing that they were obliged to announce, so people buying shares were doing so without knowledge of these CLN's. Disgusting!

Fortunately not holding. I only picked up on it last Friday, when reading the RNS issued.