Member Info for Suggins

It is stated to be conditional at this stage.

It’s here !

Details to follow one assumes.

Yes, you must be right Dan. The info relates to Mr McCrae not Caracal. I hope they don't have any disappointed investors looking to discuss Angolan fluorspar opportunities.

Another 2-day 121 Mining event in London tomorrow and Wednesday. Caracal don't seem to be giving a presentation this time so it will just be investor meetings; anyone booked in ?

The company profile for Caracal seems a little odd. The relevant commodities are listed as 'Gold, Copper, Rare earths, Graphite, Fluorspar, Tin, Uranium' and the counties of activity are listed as 'Kenya, Tanzania, Congo Brazzaville, Angola, Uganda'.

From the comments last week and before it seems most likely that the funding deal has been agreed, due diligence carried out and we are now waiting for the final bits of paper to be signed. The company can't announce the deal until the deal is signed and that is in the hands of the other side. If timing of the announcement is basically out of Robbie's control, as it appears, there is no reason to think it will coincide with a particular presentation.

I suppose they could release a 'we note speculation' type RNS in the meantime.

Fantastic update; thank you JC (and the sunshine band) for obtaining this info.

I’d disagree a little; this is not about impatience waiting for funding news from my point of view, it’s about the company not releasing information which I believe they are correctly required to do so.

No RNS for previous borrowings, no Rns when related warrants were issued and so we are now left speculating on the effect of these things. We should not be in this position and it is not directly related to the upcoming funding news.

So what happens now ? I’m starting to get a little concerned.

If the CLN isn’t repaid the lender can call for shares (circa 350 million I think). Caracal are not able to issue those shares, creating them would exceed management powers and they can’t be listed yet even if they could be issued. They already owe £2million worth of shares to Orca and another large whack to management.

Imminent + (presentation x urgent need to repay CLN) = RNS tomorrow

Bebeto; is it your view that when the company say they have or will produce a certain amount of oz of gold they are actually referring to producing a certain amount oz of d’or ?

Overdue filing at companies house; just the confirmation statement so not terribly important but surely it is someone’s job to deal with these things. I think it can be done electronically in seconds.

Thanks sniffer; so Robbie has a short 10 minute presentation at 14:10 on Thursday in Germany. Hopefully he will have to speak incredibly quickly just to get through all the news.

So day 150 for the first CLN is Friday and if it hasn't already been paid back then you'd think we will have finance news before then or there will be circa 340,000,000 shares to give the lender. Certainly adds an additional level of excitement to proceedings.

Good point ! So even if you add that on the price per oz was around £1,280.

Who are they selling it to ? They’d get a better price from Harry the Bastard.

Bebeto; as others have already noted I do not think we can be so certain about the H1 sales.

Q1 update - ‘ gold sales of.1,226 ounces’
Q2 update - ‘ gold production of 746 oz‘

It might be a simple change in terminology and it was sales in q2 (as you have interpreted) but could also be a genuine production figure rather than sales.

We were told about a ‘bottleneck’ in the final processing stages and so it is very possible the gold produced was not fully ready for sale (but they didn’t want to release a very small number so changed metrics from sales to a vague ‘production’).

The funding will need to pay off the first loan of £1.7mil before the 6 month term ends and they are entitled to shares.

The second loan had a term of two years I think at a reasonable rate so there doesn’t seem an immediate need to repay that.

The Tanzanian purchase final cost was £1.2 million cash (I think) which I was not aware of (plus a net smelter royalty which the auditors value at £619,000). It seems that any share consideration was removed. Hopefully that will turn out to be a cracking bit of business. The resource is currently 659koz and so it cost £1.83 per oz which doesn't look expensive with gold at £1,500 per oz.

I have to say I am really enjoying reading the results. Seem a really excellent bit of work and finally there is some real clarity of the business (albeit as at the end of accounting period of 30 June 2022). It is perhaps a little disappointing that certain matters now revealed were not disclosed at the time but it is what it is.

Well at least the accounts seem to confirm how everything has been being paid for recently which has been a bit of a mystery.

Answer seems to be firstly, they haven’t actually paid fully yet as there seems to be a large current liability in the ‘trade and other payables’ box and secondly, with two convertible loan notes providing a total of £3.75 mil.

Not my words, the words of pkf littlejohn (auditors):-

‘In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.’