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BJ - re your 16:14, RM has confirmed that the non dilutive funding via Royalty isn't going to cover all of the costs. He specifically said that the remaining funding (circa $3-4 million) would come from other financiers, but who are waiting for the $10 million to be raised first. He said GCAT have various options for this remaining funding, which include the term sheet with ORCA and Philoro.

Therefore, it is perfectly legitimate to ask why GCAT would even consider ORCA's dilutive facility if they still have the non dilutive $3 million from Philoro? And if they don't have Philoro because, as you say: "would [Philioro] sit on $3m for almost a year without deploying it" then I am left somewhat bemused/confused as to what you are trying to say here. Are you in fact also suggesting that Philoro's $3 million is unlikely to be in play, because they will likely have already deployed those funds?

Is it possible that these large sells are because He1 will be looking to raise funds sooner than we think? This consolidation has lasted a very long time, there have been massive sells throughout it, and the attempts at a rise have been heavily sold into. We also know that He1 is a leaky ship! I wonder whether the large players/sellers are once again in the know, and its retail who are about to be the sitting ducks once more. It pays to be cynical on AIM - literally.

Whilst most of us would accept that He1 will want to raise during this campaign, I think most of us have assumed that this raise will happen much later down the road. However, have we overlooked that He1's ability to raise is actually restricted the later they leave it? This is because they also need to incentivise the placing 'investors', so they can hardly leave it to the period between spud and results, because that's the period during which a lot of people will be de-risking, and these placing investors aren't going to be left holding the baby between spud and results.

Therefore, I wonder whether we are going to get a fund raise now and at these levels, because by doing it early, the placing investors get more time, more positive newsflow, and therefore more likelihood of upside, all of which can't be as easily guaranteed to them later down the road, making it difficult and risky for He1 to wait. I would imagine it's usually the brokers that play a key role in determining such matters and the market conditions for raising are also not the best, so He1 can hardly afford to be too choosy.

Not saying this is what will happen, and there is also the question of whether they even have any headroom for issuing shares? All imo and dyor

Lol Mental - that reads as if AJ is an asset that belongs to us. So what's his market value you reckon?

Despite his oft stated claims about "non dilution", RM has done nothing but dilute GCAT, including heavy dilution last year which wasn't even communicated to the market. It's been non stop dilution since IPO. If this is his idea of "non dilution", I dread to think what the situation would be if he didn't have this stated aim. I personally think the "non dilution" claims are all hollow now, especially with ORCA being the main funders, and this "non dilution" stuff is now being said simply because it seems like the right thing to say, rather than being a determined and priority aim anymore. But let's wait and see what actually happens, and whether it matches what is being said. All imo and dyor

There's a small part of me that still thinks this whole OCIM/Philoro story has a bit of whiff about it. When OCIM walked away, RM was very keen to emphasise that Philoro were still at the table with their £3 million. He has repeated that since. However, when asked about Philoro at the recent QA, I thought RM's response was interesting and intriguing - at least for those of us who are more cautious and sceptical minded. This time, RM replied that GCAT have a number of options for the additional £3 million needed. He specifically mentioned ORCA and the term sheet with them. This does make me wonder whether Philoro's interest has also cooled somewhat? Otherwise, why would RM mention ORCA's dilutive financing in the same sentence as Philoro non dilutive and pre paid gold agreement? Just another factor that made me think "hmmm...." and why I think its imperative here to wait for RNS and Prospectus to see what is actually delivered, as against what is being said will be delivered. Not convinced it will be good news. All imo and dyor

I'm not sure that ECR's results in Victoria have been good enough to attract a JV partner. The 'best' of the Victoria projects - CresWick - has been available for JV for years now, and nothing has materialised. Queensland has to be the immediate priority and future for the company.

Seller(s) still on the loose here?

Are these tweets re China, Bres's way of giving the US a bit of a nudge re this DFC grant?

Apologies if this point has been made already, but in the most recent Proactive interview, I an sure that LB said the contracting of a Rig crew was nearing completion, or words to that effect ("part" completed or something).

If (or when?) the PB investment goes through at 1p, it is not a ramp or de-ramp to point out the mismatch between the current share price and the price paid by the investors. That's a statement of fact.

Whether the share price reacts to close any such gap is a matter of opinion. In my opinion, I don't see the share price remaining anywhere near 0.6p, if (or when?) KAV secure the remaining £4 million of this £6 million PB investment at 1p. Therefore, I have added here for this reason and in this expectation and will continue to do so at these low prices. That is neither a ramp or a de-ramp but simply a thesis and expectation shared by a number of us.

The mismatch was also highlighted by BT himself in his most recent webinar. All imo and dyor

I don't see the need for argument on here. I think the basic equation here is actually very simple. IF RM delivers on everything he is talking about delivering right now re Kili and TZ, then there will definitely be upside from here (and potentially lots of it) - let's call this Scenario A. The only question left under Scenario A would be about the "speed" of that upside. The answer to this will come from the Prospectus, which will give an idea of how much selling overhang GCAT has taken on to get to Scenario A. (To be fair, not all of the cheap shares will have gone to selling entities, there might be some who will want to hold/invest their shares for the long run.)

So each of just needs to decide how much belief we have that Scenario A is about to be delivered. Because we were in this situation last year, and RM did not deliver on what he was promising, I am NOT prepared to invest on the basis of belief once again. I don't have that trust and confidence to do so. It's not just about GCAT/RM, but as OCIM demonstrated, these financiers can walk away last minute. Therefore, I will now wait for RNS confirmation of the key issues (financing, JV and Prospectus).

I think this is the key decision that each of us need to make. Are we willing to invest on belief, trust and conviction that Scenario A is about to be delivered will be delivered? Or would be rather wait for RNS confirmation and take out the high risk element. Sometimes in deciding this you might look at the share price, but with the amount of dilution already taken on, and current share price performance, I don't see much probability of the share price taking off here before RNS confirmation. In fact, looks like the share price will wait for RNS confirmation as well. All imo and dyor

Yes, looks primed for a move up from here for sure, especially as it looks like we will be getting RNS in close succession, first with these rock chips and then re Hurricane drilling update.

“ECR’s Lolworth project continues to exceed expectations. Meanwhile we expect to report further results from our projects within a week.”

So another RNS incoming and then we should be into the Hurricane newsflow? A few more weeks left then to position for Hurricane drilling?

Another two years of wages? The only thing that will roll is the cigars!!!

Really great interview - probably the best one we've had so far re the present campaign. Share price stirring out of this very long consolidation finally?

Just spotted these reported after hours - someone speculated earlier on here whether a big order was being filled. Seems that was indeed the case?

It needs to become a media story/campaign for it to put any pressure on? If its ultimately going to be decided by the Sri Lankan Appeal Courts, then it would be good to know how long the process is going to take, and whether its one of those jurisdictions where you can get caught up in endless proceedings, taking several months to years. This is information that CMET should be providing to its shareholders.

Watcher36 - it's good to be realistic and cautious. Even 0.6p only happens on a success case (i.e. everything goes as per the stated plan with the financing, existing dilution and future dilution). IF it does all go to plan, then the 1p is also realistic, and its just a question of the speed at which it is reached (i.e. how much selling overhang has to be cleared first).

With regards to clearing the cheap shares, it's a shame they have put projects like VR on the back burner (apparently there are samples from VR in Tanzania which have not been sent for assay testing - but RM did not say why). Whilst the expansion work takes place, it will take 6-9 months before the production is ramped up towards that 24koz/year. I would not surprise me if the expansion work then impacts the current production (or more cynically, is used as an excuse).

Therefore, having exploration newsflow would have been great for sentiment and buying during any expansion phase.

Ultimately, I think everyone will be in a much better and more realistic position to put price targets AFTER the Prospectus is issued. RM has confirmed that GCAT are not prepared to say anything about 'how much dilution' is coming here beforehand, and that we will have to wait for the Prospectus. That tells me all I need to know (or suspect), which is that it is likely to be huge, and it could increase as we speak, because they are still negotiating with ME, and still have the £4 million facility from ORCA. There's also the shares to be returned to RM and GKG, and then future raises which RM has confirmed the Prospectus will provide headroom for.

So I don't see how anyone can predict or invest here in advance of the key fundamentals becoming known, and the financing actually being closed. To do so is a complete gamble and on the word of a company that has a past history of overpromising and under delivering.

But all imo and each to their own. GLA

Wasn't there a question about this, which RM said he would come back to, and the answer would be posted with the Q&A?

... equally LARGE resistance level....

Re He1, I agree with the need to be more conservative this time round about pre spud high. I think if they start to report gas shows again, then the situation will be different.

One thing that does give me pause for thought here, is that there has been MASSIVE profit taking at 9-10p levels already. It makes me think that a lot of the biggest sellers will be out already. I'm also not sure how many sellers will still be left from the first drill at higher levels. That was two years ago now, and there was also that rise to 15p a year ago (and opportunity to get out). Therefore, if we clear this huge wall of resistance at 9-10p, I'd be surprised if the next equally resistance level is waiting for us at 11p or 12p.

But who knows and need to see if we break through 10p first.