Member Info for JerseyCrew

Positive meeting with the Gubong Gold Mine land owners. Community relations are important for progression particularly access. Having a local partner is making a significant difference already. Gubong has an estimated 1.3m oz Au and according to the scoping study an AISC of under US$700/oz, one of the drivers for our partners $5m investment. busy week of meetings ahead.

I share your confidence Giovs.

SP moments currently only reflect one thing - the lack of trades which are having a disproportionate impact in the short term. For context though we are still 135% up over the last 6 months.

Lastofthesummer

Quote - This length of suspension for what alledgely was a problem with an audit is now masking something far more fundamental.

Can you substantiate please as you have stated as a fact. Or is it your opinion?

It seems you have ignored the issue about PKF taking their time. If you have any City contacts I strongly suggest you make some enquiries on their work loads and capacity.

Danieldavis

It's telling when someone is running out of logical reasoning to resorting to thinking I am either Robbie or sleeping with a member of the BoD. Mentioned for humorous impact pact perhaps?

Read my posts carefully Danieldavis - I am simply making contextual statements based around accounting requirements and ponting out that some posters are presenting a simplistic view of IFRS requirements.

Read the official RNS's carefully and understand that these official market notifications require sign off by their advisers who will be fully up to speed with the facts, as they have a duty of care to ensure that the company does not misrepresent the facts.

Posters here in the main are taking a superficial view of the situation and are simply converting a delay in the audit to being down to a question on future availability and / or some ongoing argument between the auditor and the company.

My posts are about context and not flapping over a delay.

Are you bored Danieldavis? I am personally very frustrated - not bored. Bored indicates a lack of interest - I am personally extremely interested.

If you think me putting a poster on the spot who alleges an accountancy background and making inferred allegations of fraud makes me defensive, then yes I am defensive. I am defensive of the facts as we know them. You don't have to be Robbie or sleeping with a BoD member to defend facts - or do you? Until the facts change feel free to call me Robbie, Shirley or any other name - I think it says more about you than me, if you stoop to those levels.

Danieldavis - is that the totality of your efforts to be witty this morning or do you have more? Maybe you are busy and simply didn't have the time to come up with something original, having used this inference in the past.

Perhaps give it a little more time and something amusing might occur to you to share and enthral us with your humour.

Slight amendment to my previous post upon reflection - hard to imagine a scenario where SK authorities would create BARRIERS in reestablishing locally produced gold

We are jumping over the hurdles now or rather our local JV partners are dong the jumping on our collective behalf.

Hopefully we can look forward to another company tweet update in the days to come - or even better - an RNS!

It is very clear to me that BMV is still under the radar of the herd - just look at our current MCAP - we are currently valued like a pure exploration company in my view as opposed to a probable near term miner with established gold reserves.

Chasing? Apologies - typo - changing

The Moss

Just a couple of observations:

- the auditors are not currently expressing anything - they have't delivered their report yet. The previous report flagged what we already know and have known all along - finance is required to deliver the strategic objectives. Investors are hardly going to be put off investing in a company that requires investing to deliver on it's objectives - that is the very nature of investment. Your argument is akin to not lending money on a mortgage to people wanting to buy a house because they need money to buy their house.....

Investors will be happy to invest if they believe in the strategic business plan and the ability of the BoD to deliver. The last point could be debated long and hard but the key is a viable business plan first and foremost - personnel can change if required.

Finally you have limited yourself to 2 outcome scenarios without waiting on the audit to be produced. Your view of course and we all have our own. Personally I am waiting on the facts before chasing my view.

Clued - not for the first time you are referencing a background in accounts - presumably to legitimise your observations.

Of course a background in accounts can range from being an ACA to having some experiencing in book keeping. If you are an ACA (I appreciate you have not claimed to be ACA but you are referencing a background in accounts) then you will be aware of the stringent requirements for accounts to be prepared under the IFRS accounting standards for standard listed companies - these are very different to the requirements for your average private limited company as hopefully you will be aware. So despite the fact GCAT is a multi jurisdictional company (UK / Kenya / Tanzania) comprising of several companies within the Group, you have summed up the complexity of producing the audit to simply agreeing a figure in a balance sheet. I find that level of comment surprising if indeed you are well versed in the requirements for auditing a standard listed company - that is is inference in referencing your accounting background after all.

So any accountant (are you an accountant?) worth his or her salt would have taken all evidence and facts before coming to a considered opinion / overview / summary. From your accountancy experience what would you say on the time elapsed for PKF to have produced the audit, bearing in mind the delays in them obtaining the independent assessments of the independent plan. I assume you have carefully read the RNS updates and the request by GCAT for clear timelines for the audit delivery? Do you think that the auditors are holding back because Robbie is trying to get them to change their minds?

You then make a serious and unjustified inference of possible fraudulent activities by the BoD - with the following justification - why else would there be a delay? Is that really the only potential reason Clued? Fraud?

As someone who claims to have a background in accounting, you might understand that your comments and inference in your conclusions on fraudulent activities, without facts are boarding on defamatory. That is a surprising position for anyone with a disciplined background such as accountancy to put themselves into on a public chat site.

You are also choosing to ignore the facts that PKF would have had a duty to whistle blow any evidence of fraud and the FCA will also be fully aware of the current state of affairs.

Quite remarkable and potentially libellous Clued...

Hi Boldicus - apologies - I didn't respond to your question about dilution or debt. Just my very own personal opinion but I would like to see some form of royalty funding here so that can be classified as debt but linked to production. I'm not against fund raising by placings but if we can avoid the associated discounts to the SP and retain the present small number of shares in existence then the gets my vote. There maybe valid reasons why the BoD goes down the route of a placing and I would accept their judgment given it is very much in their personal interest given their share holding, to make the right choice for shareholders, not withstanding their fiduciary obligations to do just that, as company directors.

Hopefully our SK partners will either have deep enough pockets to provide financing when it is required or they are sufficiently connected locally to be able to raise the money. I can't help but feel that there will be a growing local interest and pride in re-establishing a local gold mine.

SK's proximity to China and given China is SK's largest trading partner -it will not go unnoticed China's CB increasing it's gold reserves in what many feel are the steps towards a move away from the petro dollar and a move towards some form of new gold standard. It is hard to imagine a scenario where SK authorities would create hurdles in reestablishing locally produced gold - which is highly likely to grow in global importance over years to come.

Listening to BBC breakfast interview with Labour strategist on energy and requirement for investing in domestic energy security- irrespective of your politics that sounds positive for JOG. We need oil and gas for years to come as we transition to renewables. His words and I agree.

I made the short lived mistake of unblocking and then an even worse mistake of engaging with him or her.

I have corrected my error and have to just see the many filtered green posts. I wonder whether they will stop when we come out of suspension? Time will tell.

Odds on my post will generate another one from him / her.

Or of course MMs accumulating in anticipation of news…..

You haven’t been able to get an instant quote to sell any reasonable amount for a few days - until now. Maybe a large sell order was cancelled in anticipation of news. Pure speculation on my part.

I really don’t think that the company can give any clearer hints as to their confidence in getting the 3rd JV over the line without breaching market rules.

Agreed - there must be a high degree of a successful outcome to discussions on the 3rd JV given the build up. Same JV partner in discussions so parties know each other and obviously feel they can work together. With the local official inspecting Kochang last week it feels like a process is being followed.

Aidan just landed in Seoul for meetings with our local partner and regional representatives to discuss the plans for the Gubong mine, which was JV'd for a US$5m investment. Also on the agenda is a potential JV for the Kochang

I meant to add - I don’t therefore think that BMV will experience the fall back that GGP has experienced- I’m expecting BMV to move upwards in strength to strength - the only question in my mind would be how they fund a processing plant - I’m hoping for a royalty type loan to avoid diluting.

The GGP play is fundamentally different- they still haven’t reached the ore body yet. Do some research on the Lassonde curve I would recommend. BMV is all about reopening established mines - there will be work to reopen of course and then there is the question of processing but this is a very different play to GGP and a much shorter timeline to extraction.

Given Aiden is back in SK to talk about Kockang, there is a possibility.