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

There appears to be a veracious local appetite from the South Korean's for gold - this article was from last month.

https://www.scmp.com/news/asia/east-asia/article/3261944/south-koreans-snap-gold-convenience-stores-vending-machines-soaring-prices-stir-frenzy

The latest gold production number I could find for SK was 128 kg in 2022 - or 4480 Oz.

Kochang alone has an estimated initial yeild of 10K oz

BMV is going to be the talk of South Korea as well as the London Stock Exchange.

Having unblocked you Bebeto I thought I would respond to your post.

Just what are you trying to achieve Bebeto by telling us information that we know?

Every investor here knows that cashflow is tight - the company are telling us this in black and white in the last RNS. We always knew that the future success of the this company depends on expansion in production and we hope an increase in the JORC assets through exploration. All of this is know and we all know that it requires financing.

We know that we need the audit to be able to move forward with financing and the prospectus.

But then you make the final sentence about RM doing nothing material - how do you know what ducks are being lined up in the background that can move forward when the audit is complete? Do you know what Robbie has done Bebeto or are you just guessing because you haven't heard anything? You argument hinges on the word delivery - what if he can't deliver until the auditors deliver the audit?

Your comment about chosing to accept or bury your head in the sand.......mmmmmm - there can't be an investor in this company who isn't concerned or frustrated but I haven't read one poster that has buried their head the sand. I have read many posters though who have taken a more considered attitude.

Have you lost all hope Bebeto? Are you invested here? What motivates you to post so frequently in such a negative way? What will you say when the audit is complete and a funding package announced? Will you continue to bash the company?

As for RM prolonging the situation - thank goodness he has prolonged it - prolonged it enough to come out of the other end. We are in June now Bebeto - it's been far too long for the auditors to produce the audit but please continue to believe that PKF are 100% faultless in this process. But when they do produce the audit Bebeto and this company goes on to complete its expansion plans, I want you to reflect in time and realise that you are not as smart as you think you are. Maybe time to take the blinkers off and realise that this is not a black and white world you seem to think we live in.

You'll see Bebeto...

Https://www.share-talk.com/biztech-academy-and-zaks-traders-cafe-video-podcast-saturday-1st-june-2024/

Legslwolf- it is taking an exasperating amount of time and it’s natural to jump to conclusions and it’s also natural to assume the worst given Caracals history.

You have have raised the question about the independent mining report on the independent mining plan. My understanding is that PKF ask for independent reports as a matter of policy. They are accountants not mining engineers. We know that there have been delays in PKF obtaining this report.

I hear that PKF have taken on too much work and are struggling to meet usual timelines in all cases. DYOR if you have any city contacts.

People keep comparing this audit to a standard none listed company audit. The FCA requirements for a standard listing are very strenuous and all these requirements need to be fulfilled even though Caracal are smaller than many private limited companies.

Read the last RNS which had to be signed off by their advisors- that’s the situation and we continue to wait for the audit completion.

Frustrating as hell but if there was something fundamentally wrong with this company as a going concern then PKF would have blown the whistle months ago. Also bear in mind that the FCA would have stepped in and taken action if they were not engaged and tolerant of the delays.

Still feels like a big sell order being worked in the background but time will tell. Slightly surprising knowing that Aiden is off to SK next week regarding Kochang but maybe a large holder derisking - who knows. One thing I have learned to is to do my own research and make my own decisions and try not to get spooked by trying to guess others motives or actions.

Given recent rises it is perfectly natural for money to be taken off the table - thats what a market is about after all.

Looking forward to next week and either another tweet update or potentially an RNS.

Have a great and hopefully sunny weekend.

Can anyone get an instant quote sell anything at the moment? I am certainly not looking to sell anything but like to do dummy trades to see which way the wind is blowing. I can't sell one share without it going to NT at the moment but I can buy large volumes. Large sale going through in the background maybe?

My personal view for a winning investor strategy here.

BUY

HOLD

Normal rules of investing apply - only put in what you don’t need for a year or so. I think the big returns will come much sooner but always put yourself in a position when you choose the point to sell and it isn’t imposed on you by external factors.

Now sit back and wait for the next news to drop.

Extract….

Aidan heading over to Korea next week to keep the momentum and discuss Kochang

Momentum momentum momentum

Quick glance at trades posted so far - 3 large buy trades £83K v 3 large sell trades £51K.

My platform is showing the same close as last night - 1.55

What am I missing? Some more late posts still to come?

Nothing goes up in straight lines all the time. It’s ok. Gives everyone a chance for a further top up if they have funds. Looking forward to an update next week from Aidens visit to SK hopefully.

A few things spring to mind - the BoD have a lot of skin in the game - they will avoid dilution if at all possible as that hurts them more than anyone.

Secondly we have 2 free carries up to production at the moment so no cost there. The company scan actually generate income through charging for their expertise.

Once we approach production there will be costs I am assuming for processing etc and BMV will have to bear its share but the best way to do this is on a royalty basis - I.e. a % of revenue goes to repay a loan. Again no dilution in this process. Nothing certain but that is what I am hoping.

Agreed. With Aiden going back to SK for talks about Kochang it feels like news on that front is not far away otherwise the company would not be sharing that detail. Same SK investors are in negotiations so maybe a question of what % stake and for how much. This is a slightly different proposition in that it could get to production faster and therefore might command a slightly better negotiation argument for BMV but frankly I am expecting the same % split given all the advantages of having them as a JV partner. They have shown their local value already in this morning’s news.

I confess I have no idea how the MMs play games other than I have seen what I think are tree shakes many times over the years. Looking at the trades posted this morning I can’t help but feel the trade that was cancelled out yesterday for 250,000 shares was posted as a disruption and excuse to drop the price temporarily- could be wrong. Short term blip downwards and it will not be the last I’m sure as they try and gather stock.

MMs will trigger stop losses if they can - you have been warned.

There might be other companies reopening old gold mines but none I’m aware of. One of the differences with the SP movement here as opposed to a traditional new exploration/ discovery, is the timeline to production. We should not have the impact of the Lassonde curve in my view. Any other views on this point?

Double in the short term - as further news drops and more milestones are achieved that will just be the start.

With such momentum surely only a matter of time before the 3rd JV news drops.

Bluebird CEO Colin Patterson said, "The extension of the Permit to Develop for Gubong means that we have maintained the licence integrity. I believe the JV structure with our South Korean partners, in addition to it contributing US$5m in investment, importantly provides the Project with in-country gravitas, as their team better understands the local, district and national geo-political environment. Local knowledge is crucial to project development, as demonstrated by our structure in the Philippines where we are rapidly advancing the Batangas high grade gold project."

An important piece of red tape for Gubong. Local JV partners showing their worth. Momentum momentum momentum.

Love it.