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Sorry BushyTailed, I've had a hectic day and couldn't get back to you earlier, so thanks for your very succinct answer, unfortunately it wasn't to the question I actually posed, as that was why didn't OCIM's Kenyan Legal representative know what Kenyan Law actually allows and doesn't allow?
Obviously they needed your complete knowledge of the subject to prevent them asking for something to be granted that was later ruled out. Then perhaps they could have spent the time more profitably talking about alternatives. No doubt though their Kenyan representative is feeling as smug as you about the question.
Next Answer?
Good point BushyTailed, but I could ask why OCIM's Kenyan legal representatives did not know about this point of law and advise their clients about at the time it was raised? I could also ask what you have to gain by deliberate seeking to rubbish genuine points raised, by actual investors in Caracal?
Hi RPdard,
I'm very sorry that you have left, and I also spotted that part of the Chairman's commentary in the financial statement, and I had thought that it was allowing that statement out was what made his position in Caracal untenable.
Anyway old friend, congratulations and may you 'Life' investment bring you rich dividends and much happiness.
ATB & GL
Hi Zan_TM,
Yes it is a bit of a puzzle trying to work out what closed actually means, but here's the thing. Plant 3 is comprised of 3 separate pads, so depending upon the cook cycle, one of the pads we coming up on replenishing probably once a month at least. So in that context what does closed actually mean?
ATB & GL
Personally I have a different viewpoint on why Caracal haven't actually managed to produce 1,000ozs/m yet, and at the risk of being controversial IMO this not because the mine isn't capable of producing the required grades and quantities of ore, but now, with hindsight it seems apparent that certain decisions were taken that took the shortest, and possibly the most efficient route to 2,000ozs/m , but it wasn't one that allowed 1,000ozs/m to be achieved along that path.
So IMO, the problem in producing 1,000ozs/m is due to the following reasons:
1. Currently the new underground mine extentions are not being worked, because the required trackless Mining equipment has not been purchased, so insufficient low grade ore to put on a HL is being produced, probably not even enough to keep plant 3 supplied, is being extracted from either the open cast or older underground workings,
2, Additionally, even if the TMEs were available, without the new crushing plant it won't be the correct size to put on the HL as required to produce more gold.
3. Further, because the space to stockpile ore before processing it is limited, you cannot just extract more ore and only use the stuff that is the correct size, whilst storing what needs crushing to process later.
4. The seemingly sensible decision to not bring the second ball mill into service earlier now means that a maximum throughput for plant 1 is 500t/d so now we cannot just extract more Higher grade ore from the opencast operations to boost gold output.
So yes I do believe that 1,000ozs/m is possible, but not currently with the plant capacity configure with further upgrades required. Hopefully this is what is being rethought, whilst the finance negotiations are in train.
As I say just my take on the situation, but as ever DYOR.
ATB & GLA
@Gunster,
it's obvious from your posts that you want the SP to fall Gunter, but why on earth would any company produce anything at a loss,
Hi Bebeto,
I certainly hope so as I have been expecting bad news for some time, just because the Q3 and Q4 2022 were always going to uneven quarters in terms of exactly what production plants/mining capacity was able to work at the time. That has always been well understood. Personally I believe that the delays in producing the Q3 report has unnecessarily amplified the significance of those lower outputs. As a counterpoint we are also awaiting what should be good news , like VM results, updates on Tanzania and even on longer term funding.
Hopefully the BoD allowed the slippage on the basis that 'the funding must go through', and now it didn't we are all paying the price for allowing that information black hole to form. Personally I still expect the Q3/Q4 reports by the Eof today and actually hope that the apparent delay post AGM, is now down to selecting a new Chairman prior to signing them off.
ATB & GLA
======> Continued from previous my post
One More PHE
RE: Did I miss something!! - 17 Dec 2022 10:28
Seems like everybody is on the same page here and really just on last hopes. Sadly think we will be faced with a lot more negativaty in 2023 and maybe 2024
RE: Why is it taking so long ? - 20 Jan 2023 18:24
Audible energy great review I may as well sell now at 78% loss.(Crying emoji)
GGP
RE: What a terrific opening SP - 27 Oct 2022 08:52
So corrupt. How isn't this constant flow of good news and growing assets still not reflecting on the SP. When are we expecting DTM announcement?
UFO
RE: RNS...at least we know Rod is thinking if us! - 23 Nov 2022 09:24
Barrett pointless sums, what will be the profit from all those Ozs maybe 500 - 600$ maybe?
Horrendous start - 03 Jan 2023 11:22
What an horrendous start to the year.
What will put the brakes on this plummeting SP
GCAT
RE: Holding RNS - 23 Nov 2022 09:18
The more I wait the more I think there must be floors somewhere with the funding.
Everybody saying its just the crossing of the Ts and dotting if the i's.
But then we have large amounts being sold.
I would've though been the other way round, buying the rumour and selling the news for profit.
Something doesn't seem to sit right
RE: Who's Advising these people? - 23 Jan 2023 09:04
I just want to advise people, DO NOT buy of these crazy rampers comments and suggestions.
Hopefully this tide turns but I really think we are in for a rough few months
RE: Who's Advising these people? - 23 Jan 2023 09:07
Nobody mentioned this morning. In general across LSE and Telegram
RE: Context - 23 Jan 2023 09:16
Jersey are you a paid ramper at 5p per post
So Gunster what is your your angle then? You appear on LSE on the 21st Oct 2021 and your 26 post so far speak for themselves?
LOL & ATB JerseyCrew
Actually JerseyCrew I had to laugh when our recent joiner Gunster, had a pop at one of the posters on this board that would be almost impossible of describing as a ramper, paid or otherwise, so I had a quick look at the 26 previous posts of Gunster.
Sadly only 23 remain... and they paint a vivid picture of an insightful investor? who selects investments that all seem to need the same almost interchangeable comments...
PHE
RE: PHE looking good - 06 Oct 2022 13:58
Nope it’s looking very grim. My prediction is now being brought forward to 18months PHE won’t exist
RE: PHE looking good - 06 Oct 2022 21:53
Sorry Clark the truth hurts I know. 20k out of pocket myself on this shambles and not expecting a penny back.
Free fall continuation - 10 Oct 2022 09:21
And the free fall into oblivion continues despite what the usual rampers post.
PHE getting desperate sadly
RE: Any News - 12 Oct 2022 19:00
There isn't anything to report. The company is in direstraits.
RE: PHE - 12 Oct 2022 19:02
That's a great comment in support of the company. It's over for PHE
RE: Looks like we are with a winner - 13 Oct 2022 11:31
Haha wow, you really holding onto any hope. Fair play for trying to ramp up but hope nobody buys from your ramping
RE: Any News - 13 Oct 2022 11:32
All true one liners though sadly
RE: Any News - 13 Oct 2022 18:15
Wish I had sold
RE: Sp - 20 Oct 2022 13:15
Sadly somebodys say so isn't enough to hold substantial growth.
This will fall back to 1p until we actually have RNS backing the interview and actual proven working technology
RE: PHE -21 Oct 2022 16:57
New technology is proven and plants built. Then cashbook starts then 5p. Stop the ludicrous ramping
RE: RNS GOV BACKING BIG RECOGNITION # HYDROGEN - 11 Nov 2022 07:38
That's great news, just wish they would literally put their foot on the gas with this and get the technology up and running
RE: PHE - 16 Dec 2022 09:22
I don't blame them. There is absolutely nothing at all happening at the company
RE: PHE, and HUI Gas - 16 Dec 2022 09:25
I don't mean to de ramp but PHE are evidently not needed anywhere. They are opening coal mines absolute bonkers world we live in
RE: PHE - 16 Dec 2022 09:27
I honestly can't see them lasting, yes the idea and fundamentals make sense but nothing is happening.
The odd interview to boast the sp we work for much longer
RE: PHE - 16 Dec 2022 09:43
They will be struggling for cash and then a raise dilute the company more.
RE: PHE - 16 Dec 2022 16:08
Wouldn't be surprised if he sold majority of his shares after the interview.
All the interview has done is bought a little time. Back to seeing the company go pop in the foreseeable furure
RE: Did I miss something!! - 17 Dec 2022 08:47
Let's really hope this isn't the case in England.
What is the Capex for building a working plant? Was it 15 million? I stand corrected if not?
Just seems like pittance incomparison
Continued from my previous post...
Whatever is finally announced on the $3M from Philaro, I'm guessing that the full expansion to 2Kozs/m may have to stretch over a longer period of time, as the revised upgrade plan may have to be re-optimised for maximum gold production continuity, rather than the actual efficiency of the upgrade process - whilst all the remaining elements are upgraded or introduced. So perhaps we will see some interim production targets before we finally hit the 2Kozs/m reflecting which production plants can be fully fed and which ones cannot, during these final upgrade stages.
As ever DYOR.
ATB & GLA
As Bebeto said,
'Expect they'll be even more churn to go through to get us back up but with upcoming AGM and funding requirements.. traders must be caught in two minds because there's good news and bad news coming which one is bigger????'
An interesting point Bebeto on SP churn, as IMO it's not how us LTHs view the prospect of what might be considered good news or indeed what might be considered bad news, because broadly us LTH's have a pretty good idea what to expect, but instead what will the traders response be?
Personally I don't expect either Quarterly report by themselves or even both together, to provide sufficient impetus to turn the SP around, as IMO we need something extra to add to the pot, specifically information on Caracal's forward plans, in a post OCIM future.
We already know from Robbie's last Stockbox interview that Killimapesa cannot currently fund the expansion plans through to completion, on FCF alone. On a plus side though, obviously both OCIM and Philaro were happy to accept that Caracal could complete the expansion timetable and deliver the required gold to pay back the advances. But also obviously we know now that at a late stage, OCIM's very own 'Legalwolf' asked the question, 'how do we fill a $10.5M hole in our accounts, if Caracal were unable to repay the advance, for some unknown reason'? Clearly OCIM's answer was, whoever own's the mine, own's the gold - and without that final reassurance OCIM lost their security blanket and just walked, but on the bright side, at least we know that no one else talking finance with Caracal will make an offer of finance with that condition attached.
Unfortunately I cannot attend the AGM, which is a shame as I was considering nominating Legalwolf for Chairman - perhaps then all of those many questions posed could be answered at the only complete source of information? Anyway instead I just re-listened to the latest StockBox interview and apart from not expanding on the contents of the Q3 and Q4 reports, IMO it probably was a rough run through of the disclosable information that will be discussed at the AGM.
https://www.youtube.com/watch?v=Cgpc1RChq8I&t=11s
So the real question for me is when will an acceptable revised development plan be agreed with Philaro and will that be the news that will allow the SP to stabilise and perhaps return to at least the pre-OCIM level, whilst the 3+ months time lag to negotiate a replacement deal actually passes?
See my next post...
Hi JerseyCrew,
Somehow I don't think we have seen the last of them yet, but as the the old film title suggests. 'They only come out at night', or of course weekends - so basically anytime they know that there is little Admin support to respond to the many complaints.
Personally I'm guessing that this BB will awash with much more the highly spun rubbish over next weekend, to try and set the scene for a turbulent AGM|. Obviously they are loving this period of uncertainty - a fresh wave of FUD should be expected to arrive at all times.
So roll on the H2 2022 operations report, and any other positive news flow that are much anticipated. in the meantime, if Robbie can do it, a little bit of magic involving rabbits and hats would be appreciated right now, rather than just smoke and mirrors, as sometimes it's hard to believe that we are discussing an actual gold mine, that is producing real gold whilst just trying to increase production.
ATB & GLA
Please don't stay away too long Swampmonster.
The lunatics cannot stay in charge of the asylum for much longer......
ATB & GL
Nice one JerseyCrew, but you have to admit, to attract so many Trolls at the same time is only a clear indication that they scent an opportunity to make lots of money from a share that continues to have so many strong fundamentals.
ATB & GLA
Thanks once again aprogerson, for stating the case for Caracal so concisely. Whilst wading through so many opportunistic trolls it is hard for true picture to emerge.
ATB & GL
I see The Moss, if you are familiar with loans, perhaps you could enlighten us on how many home improvement loans take more than 9 months of negotiation and due diligence to put in place and are funded by digging up gold from the back garden to pay for them?
No TheMoss, it is nothing like buying a kitchen/bathroom/conservatory for a domestic house in terms of the value added. For a start you can plan and fit all of these items in less than a month, possibly less than a fortnight if it is different companies, and at the end of it they are all just all nice to haves that don't generate any revenue, and certainly none that is many orders of magnitude greater than the original investment, over their operating lifespan. Strangely though gold mines do, but usually by having somewhere to change the stuff dug out of the ground into shiny gold bars - which is a process that you don't seem very familiar with?
So thanks for your 'valuable', if somewhat puerile observations, I'm sure your council house looks great with all the improvements, but no one is going to buy shares in it. Instead LTHs here may spend money on home improvements, but invest in gold mining, for fairly self evident reasons, which are obviously not apparent to you.
Believe me when I say that I am really interested in seeing the Q3 results as anyone, but for me personally if Robbie is locked in on-going talks about a replacement finance deal, at the moment, then IMO I would sooner that he focused on that than working on a long overdue report.
Don't get me wrong though, for all LTHs IMO the report should contain plenty of of good news just by finally reporting certain milestones, like Plant 3 is in full production with all 3 pads are regularly producing gold, and even without the new trackless mining equipment to exploit the additional underground mine extension, that the existing underground and new opencast workings are now producing sufficient ore to feed Pants 1,2 &3. And better still this means that we are currently producing gold at around the 1,000ozs/m rate - as mentioned in the 30thJune financial report posted in November 2022.
' There has been an extensive drilling programme carried out at Kilimapesa which has supported the increase in JORC resource to 1,300,000 ounces. Gold Production has reached 12,000 ounces per annum and is on track to reach 16,000 ounces in 2023 and 24,000 by 2024'
To have achieved this without adding the second Ball mill or bringing Plant 4 on line, would be a fantastic achievement, as Caracal's own production forecast for 2024 seems to indicate that this in not expected if you combine the projected figures for Plants 1,2 & 3 (year 2024):
Plant 1 => 10,525 (so half this for just one Ball Mill in operation) =>> 5, 262 ozs/a
Plant 2 => 1,621ozs/a
Plant 3 => 2,343ozs/a
With a total for Plants 1+2+3 => 9,226ozs/a or 769ozs/m (as per the projections).
So obviously, if we are are already capable of exceeding 750ozs/m without all the improvements to come, then that will be excellent news in itself - Hopefully someone will check my calculations and point out if I am mistaken?
Lets face it though, we always knew that the production projections were conservative, and would probably increase due to many factors, like gold grades, HL recovery rates and the efficiency of the elution plant(s).
So yes I am keen to see the actual report, even though there will no doubt be a mixed picture at that stage, it will still answer a lot of questions. But at the moment IMO, some fresh and positive news on our future finance is a more important use of Robbie's scarce time.
ATB and GLA, but DYOR
'No offence intended, as we all have our own appite@
should have read
No offence intended, as we all have our own appetite for risk.
ATB & GLA
Unfortunately iamagoldbuyer, as W.C.Fields said...
'Sheep are made for shearing',
and,
'Never give a sucker an even break'
Perhaps kinder from Warren Buffett
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”
or
“The best chance to deploy capital is when things are going down.”
No offence intended, as we all have our own appite