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Legalwolf - I am not aware but full marks for a post planting further seeds of doubt. Maybe do your research first and get all the facts straight before posts like this?

That was a low punch and not required!

Unbelievable.

Just noticed the 2 large purchases posted total 3M shares - someone certainly loading up it seems

I have to imagine that most holders are now doing just that - holding for more news. Still some large holders (TR1) who might wish to off load some more of course.

Not even relisting - coming out of suspension

Relisting - not resisting

Hi Legalwolf - historically you were one of the posters who would back up logical points with facts - I was a little surprised not by the question which I think is valid but the surrounding inference about things being true of false.

I don't think there has been reference to Philoro since May 2023 and so I think that we can assume that they are not part of the equation anymore, otherwise I would expected ongoing references - could be wrong. Others seem to have stepped into the breach though as evidenced by the various RNS announcements.

I find myself increasingly try to correct people here with facts or put things into context - as such I am now seen as a rose tinted glasses supporter of Robbie. Wrong - I am sure that Robbie will be the first to say that he would have done things differently in the past. But I also have a great deal of admiration for Robbie for keeping the ship afloat under horrendous cash flow constraints and in the face of a wave of suspicion from other potential investors because of OCIM walking. The natural tendency is to think there must be something wrong if OCIM walked - not necessarily true. There must be something wrong with the accounts to make the audit take so long etc. Personally I think the auditors have a case to answer if the file wasn't worked upon for a period of time. Robbie has been able to attract more money over recent months but the big money required for the expansion plan is tied up in the prospectus and ergo the audit.

I tend to agree that upon resisting it will be choppy here to say the least irrespective of what any plan or finance solution is communicated. So be it. Each to their own.

Daniel - if you had been following this story closely then you will know that OCIM introduced a new and late condition precedent which was impossible to fulfil as the law doesn’t allow assignments over mining licenses in Kenya.

OCIM effectively walked away by asking for the impossible but not at the start of negotiations- it was an additional condition asked for late in the day.

SW's post below and specifically his/hers question about are the funders still there prompted me to revisit the RNS again:

The delay in completing the Company's audit for the period ending June 2023 (as announced 9 May 2024) has affected the Company's ability to complete the financing for the Kilimapesa expansion project.

So to me this reads that the financiers are still there and the audit is the hold up.

Also with remembering these paragraphs in particular:

The finance team are working to complete the audit and interim financials and are confident after recent feedback from PKF the audit is in final stages. As per the announcement of the 9 May we await the final timeline for the audit from PKF.

The Kilimapesa expansion project financing is still the key value creation event for the Company, the project was subject to independent review as part of the audit and again this confirms the robust nature of the project. The timeline on the audit and recommencement of trading is driving the timeline on the expansion funding.

So the word confident was allowed and also reference made to the independent review - the way this is phrased would indicate that GCAT already know the outcome of the independent review and its positive - why else state it confirms the robust nature of the project?

Words matter and the advisors who sign off these RNSs are sticklers for detail - its their job.

Holing?!

Holding :-)

JWB - my point is that they might not be able to purchase but I also take your point - director purchases always go down well.

As an aside your post below prompted me to go down memory lane on my holing here - first purchase 12/9/19 - I paid 2.44p a share. The first of many transactions - its been a journey.

I often read statements about directors buying shares on other stocks. The fact that they are not is probably down to one or more of the following reasons rather than a lack of confidence:

1. The are in a closed period and unable to buy - highly likely given the ongoing negotiation on Kochang

2. The don't have the cash to invest

3. They feel that they already have a sufficiently large financial stake

I personally think it's reason 1 - so that is actually a positive sign if I am correct.

Keep the faith SW but you are right to switch off for a while. I'm confident we will come out of suspension but this roller coaster has been an awful ride for everyone.

Red Kite - you make a valid point about the tone but you also have to remember that the RNS would have needed the agreement of the advisors / nomad. Given the position with the auditors who refuse to commit to a date for delivery then the company has to be very factual in the wording. The future success of this company is dictated by the ability to ramp up production - its always been the goal. That in turn requires funding and that in turn needs the audit to be complete and for the stock to come out of suspension. So the RNS is just being clinical in setting out the position. What it can't convey is the sense of optimism and confidence as that would be open to criticism as trying to mislead the market and so that type of commentary would not have been allowed. The result therefore is the tone that we are reading. Personally I don't think anything has changed - we just need the auditor to deliver.

Morning JWB - I don't post my transactions because that is my personal business - it would be almost like posting my bank statement. But I will say that I have been taking advantage of the current low SP to increase my holding and lower my average in the process - but then I have been both invested and posting here for years if you care to scroll back. I have also been critical only recently on the lack of progress - but all that has changed now.

(cont) ...

So here we are - the key to unlocking the prospectus and funding is the audit - it's what the company are waiting for - then the share can come out of suspension - prospectus can be issued and funding finalised. The company get share the new mining / business plan and they can then undertake the expansion. The potential of this company will be unlocked by achieving the scale of production - the resource is there. The AISC was certainly relatively low and we have the unfolding POG story adding to future profitability.

So others will have a different view and there are certainly some posters that have written this off and even if it does come out of suspension (I strongly believe it will) then they will sell and move on as they have lost all trust. I understand their frustration and sentiment but personally for me it's about the future and having an understanding of how we have got here. OCIM have a lot to answer for but again that my personal view.

Keep watching Bonkers - you might be investing yet and there could be an opportunity to get in at a bargain price if there is an initial sell off.

Bonkers - you raise some legitimate questions which have been discussed at length here and there are a range of views as you would expect.

In terms of a finance deal - I believe that negotiations were at an advanced stage before the shares went into suspension in November last year but to the best of my knowledge we weren't told what the possible composition of that package was. It is only natural that any potential investor would be unwilling to invest when question marks remain over financial accounts and the long term viability of the company. It might also be the case that the funding was in part or in full reliant upon the prospectus being delivered to the market and of course that can not be produced until there is a straight line drawn under the accounts and the shares are out of suspension. So in short the suspension has brought funding to an abrupt halt.

So then we have 2 other questions of course - what lead up to the suspension and why has it taken so long to get out of suspension.

Its no secret that the company has been cash strapped since OCIM walked at the 11th hour of providing funding at the start of 2023. We have the resource in the ground but we have a lot of aged kit being worked hard and susceptible to break down through simple wear and tear. The company was focusing their limited resources on cash generation and obtaining a new independent mining plan that they could meet the needs of a potential investor. The cost constraints means that the company is operating on a skeleton management team and they had to concentrate on plate spinning and juggling at the same time to keep the lights on and in fact move the company forward in some of the activities such as a new access road and uncovering a new high grade zone. So they were certainly not sitting on their hands but obviously something had to give and it seems that being fully on top of the accounts was the Achilles heal - investors have to make their own decision on whether this was incompetence or just the harsh reality of trying (successfully) to keep the lights on.

So the next question and its a very good one - why has it taken so long to deliver the audit? You might want to scroll down the posts here and look for an email that the company sent an investor and then it was shared here. There is clearly issues with the auditor in my view - others might think that there are issues with the audit and it might of course be a combination of the 2. From what I can glean this is not a straight forward audit - cross jurisdictional, obviously internal financial accounts not being in the optimum state, the auditors wanting another independent mining report on the independent plan already there and subsequently inaction from the company commissioned to do that and for whatever reason a reluctance for the auditor to commit to firm delivery dates. The frustration is clear from the company in its communication to the investor and means that they can't plan forward in confidence (c

A lack of timeline from AB could actually help maintain the SP in the short term or next couple of months as news on Kochang could drop at time. If I am reading the situation correctly we are talking about negotiations and not field work and so they can proceed at pace if all parties want to. Let’s see!

Thanks for copying the RNS Bonkers and as someone who has no vested interest , your heart felt sympathies.

Netbox - agreed - unthinkable that Robbie would go looking for funding only after the audit was completed. My expectation is that as soon as the audit is complete the domino’s will fall and that includes the funding but there is an order to the steps / dominoes.

CCC - in your view. Time will tell whether you were correct or not.