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I have been wondering along similar lines i.e. is this Governance Review in response to FCA advice on what the company needed to do, before the Prospectus would/could be issued? Otherwise, the decision for GCAT to initiate it of its own volition and in particular the timing of it, struck me as odd. All imo

At this particular moment in time, pretty much the entire survival of GCAT hinges on the Prospectus. If they get it approved, then they can draw on the recent CLN facility they have agreed with Orca. That pays for operations and debts until the earlier of a) the mine paying for itself and GCAT's opex, or b) they secure the funding from Philoro etc - however long that takes to sort out.
The Prospectus approval does seem to be taking MUCH longer than it normally would. If so, why? All imo

As an aside, I've noticed that Mark from Stockbox has really upped his game when it comes to asking more challenging questions of CEOs in his interviews. (He still gives PJ at POW too much of an easy ride though.)
I'm sure BT isn't scared and will resurface at some point, beyond just doing tweets.

I think some of the reactions to the update are a bit extreme, but each to their own. What I do think would help and is in fact necessary, especially given the lack of detail in the RNS, is for BT to do an interview, fill in the gaps and offer the necessary clarifications in all 3 areas of the update.

I don't disagree or argue with the basic premise of your post. When you compare the two term sheets, there are significant differences between them, which it is reasonable to infer could be due to the jurisdictional risks, which has resulted in this restructured financing, with the majority of it being provided as convertible loans. I think if you invest into Cora, you have to take on the jurisdictional risk. At its highest, the risk includes Cora not getting supported by the ruling regime, whether that manifests itself through not supporting the development of Sanankoro, to not awarding the mining licence, etc. Cora/BM and the large shareholders will know a lot more about the risks than ordinary retail shareholders.
At some point, you would think, BM might want to tackle this issue head on, especially if he has any re-assurances he can offer. The 'in country team' at Cora, in particular, will know a lot more about what the realities on the ground are right now for Cora operating in Mali. Is it BAU with the new mining authorities, for example? Do they have good relationships with the new regime. Are Cora even a big deal for the authorities? This kind of re-assurance will be key to instilling (retail) investor confidence, which in turn will be key to driving growth. A lot of people are put off Cora because its in Mali!
As for the large shareholders, I can't imagine they would wait for a doomsday type scenario to unfold, before recouping their investments. Rather, I would expect them to be selling (the majority of) their shares well before anything like that happens? They will likely get to hear of any looming difficulties well before the rest of us, as I believe they get more regular updates behind the scenes than we do from Cora. Retail are always the last to find out. That's just the way it goes and we have to factor it into our decision making. All imo and DYOR

I guess I should take them at face value in that if KAV have said that they will return to the B1 conductor, then that is what they will do. But the cynic in me is wondering whether the lack of detail and timescale re the B1 conductor (and maybe the other projects) is because KAV are still harbouring hopes of a JV deal? There is nothing in that update which prevents them issuing such an update when the time comes. The lack of timescale is maybe also explained by the fact that they are seemingly close to making an acquisition and if such an acquisition offers more near term potential than the projects, I suppose it might make sense to drill them first? Today's strategy is suitably vague/broad that it keeps all options on the table. Overall, maybe this exercise has been 'cart before the horse', in that KAV can only really decide strategy for 2023 post acquisition and/or JV deal, but have had to issue something now to appease, and hence why it's necessarily ended up being so broad to the point of being a bit hollow? All imo

FK79 - fair enough, but like you, I would like to see more detail and indicative timelines in due course. I don't know why they couldn't have broken today's update into H1 and H2. Especially as a few months ago, BT was talking about drilling at B1 after POW had finished at Molopo. Not giving any timescales at all, even broad ones, is an opportunity missed and prevents the update of having much of an impact - as can be seen by today's volume of trades so far.

That was far more limited than I thought it would be. Just why did it take them until now to release it? It’s almost like they weren’t even going to bother until shareholders chased them over it?
Doesn’t say much more than we will explore our current projects and look for new ones. Genius

ID78 - I agree, and would add that RM has stopped doing any media interviews. In the absence of hearing from RM and/or RNS, I'm also not going to get too excited about the tweets. Do the emergence of the tweets about recommencing activities also suggest that they were non-operational for a period, before they got the extra £1 million?

"I think the biggest reason for releasing all in one rns is a bigger impact." But the share price rose to 1.7p on expectation of positive results from Molopo. That was a 100% rise just on anticipation. Surely the share price would have continued to react to positive results as and when they came in? And surely POW would not allow the share price to fall back to these levels if they were already in receipt of positive assay results.
If some people think the delay or approach taken in releasing results suggests they are disappointing, that doesn't make them de-rampers, necessarily. It's just one of the legitimate inferences that investors might draw from the approach taken. The inference might be right, but equally, it might turn out to be wrong. I'm not expecting any share price moving results from Molopo, but not giving up on that completely and hoping they will at least be good enough to justify further drilling there in the future.
But we all have to wait until however long it takes, so let's see what happens and fingers crossed. All imo

"Any view on whether this is likely or not?" - Well, imho just take a look at the chart for price action in April 2022 and April 2021 for the answer. Both resulted in strong moves up for He1.

As I pointed out in an earlier post, the scenario that we find ourselves in now, is pretty much the same as what we had in April 2021, where He1 were planning its first summer drilling campaign at Tai 1. In that year, the drilling Rig was confirmed on 22 March 2021 and the drilling commenced in June 2021. Price soared all the way to 29p.

Now we find ourselves in the same situation, awaiting Rig confirmation for drilling by August 2023. If the same events unfold as then (i.e. we get Rig confirmation in March/April), then no reason why price action won't reflect that in a similar way to what it did in 2021.

I'm sure I'm not the only one looking to top up here with next years' ISA allowance, albeit I expect to pay a premium by then. All imo and DYOR

Need the Prospectus approved first, in order to resolve/restructure the debt. Without it, GCAT will be cooked.
RM said it would be approved in February and we await confirmation that it has been approved. All imo

Yes, unless there is any bad news in the coming weeks (which I don't expect there will be) then expecting He1 to continue to tick up each week in the run up to ISA allowances in April, and then hopefully breakout. Lots of shares soaked up at sub 5.5p in recent weeks, with the majority, you would think going into stickier hands. Looks like time to soak up the shares at 5.5p - 5.8p range next. GLA

Cocobeans - I would agree. The volume of buys to sells today was 4:1. We just need to see these cheap shares continue to be soaked up slowly and it sets us up nicely for a move up imo. By the time our ISA allowances renew on 6 April, I doubt very much we will be able to buy sub 6p.
But let's see what next week brings! GLA

It might well be a market overreaction, but that is the nature of AIM. There has always been a big question mark hanging over ECR, namely, whether CB built this company purely on the basis of it being in gold rich Victoria, and then ramped its nearology status ( lost count of the number of times he would drop in "Fosterville mine", "Ballarat mine", "Kirkland Lake Gold" into every interview for example). So far, the jury is still out on the following:
1) Whether these Victoria licences actually have decent levels of gold mineralisation in them in the first place?
2) If they do, the ability and competence of AJ, as lead geologist and now Technical Director, to actually find this gold?
It doesn't really matter whether these next set of results at BM are better, the damage has already been done. Maybe ECR should have waited for them before releasing the results?
This fall is a good opportunity for others to get in for CresWick, which has very much been the flagship. But if they again deliver poor results from CresWick, then AJ simply has to go. He's bleeding away ECR's cash and prospects with all these failed campaign and failed theories. All imo

Well that's the first roll of the dice. It's not landed in the way we had hoped. Some have suggested that they might dispose of BM. Well in order for Blue Moon to be a sellable asset, does it also not need to be a commercial discovery (or have that potential)? Otherwise who's going to be interested in buying it, realistically?
So we move onto CresWick, which was always going to be the main course here. Let's see if CresWick can come to the rescue and deliver something special. To then stop us feeling Blue, and take us to the Moon!

There are some big buys today and I am being quoted outside the spread again to buy. This would suggest to me that the accumulation at sub 5.5p is pretty much done and we will start to trade at higher levels now, incrementally. Despite the negativity/struggles and the accompanying de-ramping (subtle and not so subtle), the stock has continued to show its remarkable resilience and relative strength.
So I am also hoping we will now enter the same exciting period we had after the IPO in 2021 and that meteoric rise to 29p. Amazingly, we find ourselves in almost the exact same pre-cursor situation to what led to that rise, which is being fully funded, with Rig contract news expected in Q2, going into drilling at Tai in the summer. Back then, we didn't know if they would find any Helium, but had confidence. This time, the confidence will be much higher as it will be backed up by the results of the first drilling campaign (Helium shows, working helium system, seal and reservoir, etc). So every chance of a rise on anticipation of a potential company making discovery.

There is also now only one month left for folk to get in before ISA allowances in April. Why is that relevant? Well, just look at what the share price did here in BOTH April 2021 AND April 2022. It broke out both times, which is what you would expect following a period of accumulation. Therefore, there is every reason to expect the same strong buying in April 2023.

If LB delivers this Rig, then she delivers the above scenario! And there won't then be many AIM stocks that will be stronger plays than this in Q2/Q3. So come on LB/He1, deliver that Rig and we can once again Rig & Ride. All imo and DYOR

Is that the best you can keep coming up with? Learn some new tricks!

Well, we all have to decide whether we are bullish about ECR's likely share price performance, or remain bearish. If the latter, then why remain invested here, if you truly and only believe that there is no chance of any upside.
Make your bets, and then own/live with that decision, and then see how it all plays out. Or step aside if you don't believe any good can come out of this next stage. All imo

Latorre - He1 have been in Rig negotiations non stop, for pretty much the entirety of last year. We just have to go through all the RNSs to see that. I am NOT saying that is the reason they didn't buy shares, but I do think that such periods might well have been 'closed periods' for the purposes of buying shares.
Similarly, I would not be surprised if BOD can't buy shares right now, and won't be able to until Rig contract announced.
None of this excuses them for not buying at earlier stages though (although some did during the placing). All imo