Member Info for Legalwolf

Doc83 - I am not criticising PJ and I do like him as well, but it is absolutely right to note that the share price has most definitely not performed in accordance with the bullish expectations and commentary given by PJ. Ask any lth and they will tell you that. And PJ does ramp as much as the next CEO, it's just that he does so in his own inimitable way.
I just don't like the fact that often when a discussion is started on here and questions are asked about concerns, negatives, or share price underperformance relative to PJ's 'predictions', the bb just goes in chorus mode and gives us a few verses lauding PJ and his comms. Read this so many times over such a long period, find it a bit lazy and irksome, and just feel that it can deflect away or shut down discussion sometimes.
We know PJ is great and the comms are great, but can we accept that these are not factors that will move the share price - which is the ultimate barometer. That is the only point I was making, and most definitely not having a go at PJ. I've definitely been a choir boy here myself and sang his praises on many occasions. And will be happy to continue doing so.

One of the other factors, and I must confess I don't totally understand it, is the role that MM play in such situations and more generally. I have read that when we buy and sell shares, the MM are usually taking the other side of that order. That would make them the biggest shareholder in a way, and if its true that they take our buy/sell orders, are they simply making money from the spread, or (and especially on higher volume days) are they going net short/long, and then moving the share price in the direction that suits?
Anyone know/got any useful insights/resources on this topics? All imo

Sorry, letting my frustration out there. It’s just that the number of times ‘PJ comms’ are cited whenever POW is being discussed is getting boring. It’s a well trodden response, isn’t going to make the investment succeed, and so we should be able to move beyond it, rather than it constantly being used as a fall back position for the POW bulls. All imo

He might as well be the pied piper of Hamelin the way some on this bb go on about him. Yes I agree that he is excellent at comms, and in stark contrast to many other CEOs, and yes that is a great attribute of his, but honestly, is this a fan club or an investment?

Bebeto - I don't know, but I have often read on bb that its suicidal for a CEO to hint or mention dilution in interviews. If RM comes out and affirms the need for a raise, or starts to talk about conversion, then that's not going to support the share price, as folk will then be wondering about the extent of dilution and placing price, and wait until then to buy. And If RM confirms the conversion of loans, then he will be asked about the price of the converted shares. Again, same effect.
So it will make for a very tricky interview, and things are tricky enough as it is? The only circs in which I think an interview would be a good idea right now is if they can negate the need for any dilution. If so, absolutely, they should come out and give that calming assurance.
Otherwise, we know the Q4 is being prepared, and it probably has better news in it, than the delayed Q3, which is probably why they want to put them out together. And they need the AGM Resolutions passed of course, otherwise they will be snookered.
So I can sort of see why they have opted to go about it this way. To release written information first, which they can control in terms of content, and then do the AGM Q&A/media on it afterwards. But again, who knows. It might seem a bit unorthodox (to put it mildly), but they are fire fighting right now, and this might be the best way to contain that fire and extinguish it. All imo.

You can add JV/strategic partnership to the list of reasons as well. This is more likely post discovery, but you can never rule out a company wanting to get in here beforehand?
The bottom line is that all junior explorers have and need the authority to issue shares, as and when needed, during each 12 month period, for a variety of reasons. We can be pretty sure that He1 will not be raising before the next drill. Why? For the simple reason that they have just raised £10 million and are fully funded. They would struggle to justify placing again for the same reason. And moreover, DM has expressly ruled out another fund raise before Tai drilling. Only last week!!!
But equally, we can be sure that they will need to raise after the drilling at Tai. Hopefully at higher prices having confirmed a discovery, and to move the project to the next stage. Or to pick themselves off the floor from a duster.

Thanks both - I'm waiting on news like everybody else and its certainly very dramatic here, even from the side lines.
Bebeto - when I first read your call for RM to come out and do another Stockbox, I was initially in agreement and thought now is not the time for GCAT to go quiet/MIA. But on reflection, I think an interview right now, whilst it might sound like something that is obviously necessary and desirable, could actually be counter productive and more harmful? This is especially if they don't actually have much good news to share, or answers that would allay the key market concerns, and thereby have that calming effect, especially on the finances. Because the OCIM financing has only just gone south, and has impacted the Philaro funding as well, this will all need some time to sort out. In the meantime, there is/has, understandably, been a lot of talk about whether the company will now be diluted from placing and/or conversion, because the funding has fallen through. If any of these concerns are true, then I don't think any CEO is going to want to give an interview shortly beforehand? That would be counterproductive. And there's no point doing an interview, if you are going to have to be evasive on these questions, which Stockbox will ask about for sure!
If the situation that GCAT finds itself in right now is a mixture of good and bad news, then waiting for the AGM, and the quarterly updates being released together, might actually be the better/right strategy in the current situation for releasing news, as difficult as it is to have to wait. Maybe a rock and hard place kind of situation. All imo.

It's funny how if you are a lth and/or still invested here, you can post as often as you like, making all sorts of hopeful comments (often ignoring inconvenient facts), and without being called out for that. But if you are a lth, who has seen more red flags here than at a communist military parade (joke), and have decided to exit, you can no longer post your queries or concerns, without it being some kind of conspiracy theory, or co-ordinated effort with other posters. Ridiculous form of censorship, and which also wouldn't look out of place at above mentioned parade.
Truth be told, nobody knows what is going to happen here, least of all me. We are all guessing in the dark until next week. One thing that I hope we can all agree on, is that post AGM, we should all be much wiser and much better informed, as the light is hopefully revealed on some of the areas under discussion, and this bb can return to proper and legitimate debate and discussion. As I said, I am now only posting if/when there is something new to discuss. GLA

Yes, people can read things in different ways. That is the problem, until we don't get anything from GCAT itself, we are left to figure things ourselves with individual guesswork, individual speculation, individual biases, etc., and will arrive at different interpretations and conclusions. But the AGM and quarterly RNS updates are not too far away now, so hopefully the speculation can be replaced with actual answers and actual information.
IAG - depending on how things turn out, this whole thing should be investigated! and I would suggest that the investigation needs to start with the company itself! I've been posting on GCAT since when I first invested here (circa Feb 2022) and am not some 'johnny come lately' looking to create mischief. To avoid the mischief makers, I am now only posting when there is something new to discuss, which the Chair's Linkedin statement is imo.

He could have just said nothing, but it sounds to me like he is distancing himself from the goings on right now. All imo

This is potentially significant if it is genuine? Clearly, he hasn't left then because he was the one responsible for the funding fiasco, but because he also had concerns about the way the company has been conducting itself. The Chair walking away is a bad sign, not only in respect of what has happened already, but also, I fear, in relation to what is to come next, which he obviously didn't want anything to do with either? All imo

I under Roger65's point/inference. I also do not think PJ would raise just right now, if he had information (whether from Molopo or elsewhere) which would lift the share price. But this placing doesn't necessarily mean that the Molopo results must be bad. POW simply might not know just yet which way Molopo is going to go, and therefore don't want to take a chance on the results being good, and delaying the placing on that basis? Better now at 1.4p, then wait a few weeks/months and risk having to raise at 1p?
I'm pleased to read that the money will be used at Tati. It would be good to get details of the drill programme confirmed in due course. As stated before, I hope it's a significant drilling programme at Tati, and can put a serious dent in the Tati project, although of course I appreciate that we can't afford to drill 30 000 metres, or anything like that.

I'm guessing that the recent placing will likely have used up their existing authority to issue shares (or close to). By bringing forward the AGM, they are basically replenishing their 'stock reserves' if you like. The renewed authority will allow them to agree payments in shares to third parties. Given that they are presently considering Rig options, it is likely that by next month, they will start to enter into contract negotiations, and therefore, they will want the option to agree payments in shares if it comes to that? However, this is of course speculation on my part.

Pretty standard stuff for an AIM company. They have to seek authority to issue shares each year, and usually done as part of the AGM. DM was specifically asked in last week's interview, and confirmed emphatically, that they won't be raising pre drill.

I’d rather we don’t go for any Rig that is subject to actual or potential proceedings. We don’t need to take a chance again and can ill afford another ‘unlucky’ mishap. If there are plenty of Rig options then let’s go for a ‘clean’ option. All imo

I agree with KeithOz, and the key word is "strategic" direction. I totally get the logic of KAV wanting to drill its highest probability/potential projects first, and leave the others for later/JV. The problem is, do they even know or have enough confidence to rank them. The KCB is the flagship, and so if they don't hit mineralisation there, then it really does become difficult. So are they playing the slow game at the KCB? And so that they can get the JV secured at KSZ first.
What a stark contrast between the messaging this year, with this point last year - "2022 will be the year of discovery".
BT needs to restore some order here with the comms and direction of travel. All imo

I'm not sure I want to endure too much more of GCAT drama before the AGM. I don't have much that is positive to say about the company right now, and so my posts are not likely to be of any assistance to lth, and will likely be latched onto by de-rampers again. Therefore, during what might be an uncertain period, I'm going to summarise where I stand, and then try to post less on here, until we hear more from GCAT/RM, and have something new to discuss. I will of course continue to closely monitor developments. For those that have valued my input, I will summarise what my position is going into the AGM, stripping all the questions down to what matters FOR ME right now:
1) The single biggest issue right now is the company's FINANCES, not its projects or their potential. Frankly, just right now, I'm not interested in RM's "3 million ounce potential, next big discovery at VR, or 24Koz, etc".
2) Therefore, whether this is worth investing in right now, depends on how much cash they have and will be receiving. They ran the budget down to 80k going into H2, no doubt because they knew they had summer loans lined up. My concern, therefore, is whether they have similarly run the budget down coming into H1 of 2023, because they were expecting £10 million to come in from OCIM/Philaro? We just don't know, as they have not updated us!
3) The best case scenario is that there is enough cash left and cash to come (from existing operations and/or Philaro) to avoid any placing, taking of further CLNs, and avoiding dilution from conversion of existing CLN loans? This would make this a BUY.
4) The worst case scenario is that they don't, so will have to place and/or take out further CLN loans, and be converted on existing loans? In his recent interview, RM suggested that conversion would be taking place, so is that a clue as to what is coming up? The impact of dilution (from placing and/or conversion of loans) is not just the dilution, but the addition of large selling/overhang that needs to be cleared. And if they have to take out further CLNs, then that just repeats the cycle.
5) As an aside, I would also like to know whether the BOD have received any "introducer fees" of any type in the last 12-18 months.
I've never been a trader here, so I am not interested in buying or selling short term share price movements. I'm only interested in the fundamentals and having this as a long term hold. There are plenty of shares to trade out there! Therefore, at the present moment in time, I can't see myself buying before the earlier of the AGM, or any update on the financial position of the company. I want to know what I'm buying into, and will therefore now wait for clues/answers/confirmation. I don't want to buy into uncertainty. I did that to an extent at the start of 2022, and I don't want to repeat that at the start of 2023, and then endure the same stresses!
All imo, DYOR and good luck to you all.

Bebeto - thanks, I get that analysis. Just wondering how important the Philaro funding is to the analysis though. Supposing the Philaro funding has also gone south because of the OCIM funding, or that it will need to be renegotiated, which might mean a few months, would that alter your decision to buy more right now, as opposed to waiting until nearer the time of it being sorted? It's just if the Philaro funding is not possible to drawdown just yet, then as you accept, that increases the possibility of dilution, from a placing and/or from conversion. So just wondering what/how lth are intending to navigate their way through the possibilities here.
BTW - I am NOT saying the Philaro funding has also gone south, or that it will be delayed. But you can't really take anything for granted, as the OCIM debacle shows, so you have to consider all the possibilities and permutations.

Bebeto - in terms of reading this situation and working out what will happen here, IMO a lot depends on how much you trust RM in particular. That is because a lot of the information, and selling of the dream/vision (if I can put it that way), for the last 6 months has come directly from him, through twitter and interviews. The company itself has not issued any operational updates during or covering this period, and shareholders now have to wait until the AGM for them, which is disconcerting in itself, as shareholders are now having to vote blind sighted it seems, which just adds to the whole sense of 'cloak and daggers' here.
So all we have to go on really, in terms of the overall health of the company right now (and in key areas such as financial, operational, and dilutional), is that RM would have told us if there was any more bad news/surprises to come in any of these areas.
With this being the case, I'm just curious as to how you are squaring your obvious dislike and distrust for RM, with your stated intention to add more here regardless?

Bebeto - it's all rather interesting and intriguing, when you consider the crossover of personnel between GPLAT and GCAT. You will recall that I raised questions about this a while back and questioned why GPLAT were selling, when GCAT was about to go to the moon with their funding announcements. This always struck me as completely out of sync.
They always say follow what the smart money is doing, and always watch what insiders are doing. And I viewed GPLAT sort of like an insider, because of the crossover of personnel. All imo