Member Info for Suggins

With almost no decent at all.

No RNS ? Assume they went through.

Thanks Aprogerson, I wasn’t really expecting anything substantive on the funding to be discussed but you can often tell a lot from the odd throwaway comment or just general demeanour.

Anyone planning to attend ?

Hopefully the resolutions get through and more importantly they are a pre-cursor to something positive.

Total company value could have stayed about the same, swapped shareholder value for debt (and hope).

This all feels rather grim but we can do no more than hope for this funding to be agreed.

Seems poor Mr McCrea has been stood next to the electric meter pumping in his own 50p pieces for the last few months. 80,000 of them.

But this replaced the existing authority to allot £1,650,000 worth. So how much of that has been used up, ie how much of this is ‘new’ and how much renewal ?

It’s interesting but I still don’t fully understand.

The letter suggests that this new authority to allot shares is renewing the authority obtained at the AGM on 23 Jan 2023. At the AGM there was permission to allot £1,650,000 and that authority lasted for 15 months or until the next AGM. The new authority is for £1,068,376.08.

1) Are therefore to take it that the £650,000 or so has already been allotted ?

2) Why is a renewal needed ? Technicality perhaps ?

Not really the RNS I was hoping for.

A curiously exact sum being authorised. Maybe it’s the Mill End pay off.

A flurry of Friday tweets today showing heap leach progress and mining activity. All looks good.

Second week in a row though with no ‘finance progressing’ comment.

The domestic share price is sat at a market regulated minimum. It cannot go lower until the authorities change the limit or lift their emergency regulations. This affects the whole stock exchange not just Beximco Pharma. It is currently impossible to asses the true domestic price as there is no real market.

It is worth noting that just because the price is sat at the minimum, it does not necessarily mean that there is distinct downward pressure. Simply, no one wants to buy stock in a marketplace with these sort of regulations.

i think if i held repugnant and ****** views i’d be unlikely to post about them in an open forum related to a completely different topic. i’d save them for a dark and dank corner of the internet where they’d be appreciated. each to their own.

A new tweet is out; excellent to see the mill back up and running.

I really like the tweets but I can see how an omission can raise concerns, no ‘financing progressing’ comment this week for example.

Hot on the heels of external accountants comes external ESG consultants and the tweet again links this specifically to the financing.

Condition precedents being ticketed off ?

‘Our greatest glory is not in the plant never failing, but in fixing it in a timely fashion every time it fails.’

Confucius McCrae

Full of news this week:-

- new external accounting support appointed. Specifically expressed to be related to the finance deal.

- suggestion the Tanzanian JV deal is now only dependent on the grant of a mining licence.

- major milling plant breakdown which should be fixed in around a week (it was not mentioned last week so hopefully 2 weeks or so is the total lost time)

- heap leach operation has been continuing

- two smelts have taken place. (At two a week (11 weeks short quarter) was the q1 smelt average around 75oz ?)

Mine too.

Https://www.mining.go.ke/resources-0

Nothing earth shattering there that I could see from a quick glance but good to see the government actively engaged in trying to improve the sector.

A few updates over at companies house in the last few weeks (sorry if this has already been noted):-

1. Record of the shares issued to complete the purchase of the Tanzanian asset. 133,000,000 shares at a price of 0.3p on 21 June 2023.

2. Record of the shares issued to high net worth individuals. 117,000,000 shares at a price of 0.3p on 13 July 2023. No record of the 3,350,000 shares issued in lieu of fees to DGWA.

The total share count is now 2,129,311.924.

3. Our old chairman was removed as a director of Caracal Holdings. The recently resigned Rachel Johnson is still a director AND the accounts and confirmation statement remain outstanding (over 8 months now).

I think the Q & A follow up from Stockbox on twitter today clears up the 'missing' gold question rather neatly.

It is very good that a big proportion of the 'missing' gold is part processed gold which should be recovered in due course. It is rather less good that the remaining proportion is considered lost to a very inefficient heap leach operation.

Main Plant; ((38,543 tons * 2.23 grade* 76% recovery ) / 31.1 to oz ) * 80% sold (remainder in the system) = 1,680

Heap Leach; (12,177 tons * 1.26 grade * 20% recovery) / 31.1 to oz ) * 80% sold = 79 oz

Total = 1,758 - 1,645 reported = 114 oz 'missing' but since the 20% 'in the system' figure is only a rough figure I think this 7% or so 'missing' oz is within reasonable error margins.

Well done all who arranged for the Q & A and follow up response and fair play to Mr McCrea for clearing this up.