Member Info for Suggins

‘repayment period over the following 12 months as quarterly deliveries of a pre-determined quantity of gold. The actual quantity will be determined by applying a discount to prevailing gold spot prices ‘

Anyone know what the discount is ?

Domestic price gentle rising and the exchange rate has moved in our favour. Domestic price now around 150p so we have sunk to just over 50%. I think we might see a little rise here soon, 90p would be 60%.

It is certainly going to be very interesting; so many options and variables.

https://www.mckinsey.com/industries/metals-and-mining/our-insights/streaming-and-royalties-in-mining-let-the-music-play-on

‘We've got a fairly well thought-out capital raise plan’

Certainly intriguing; given the choice I’d rather it was a very well thought out plan though.

Interesting/unfortunate move down:- gold price, general market, Kenyan political landscape, upcoming funding, imminent unlocking of original holders, better options elsewhere …

Volume low so far though which is some comfort I suppose and the gold is still in the ground and they still have the means to extract and process it.

That is a negative and right now we need two positives; one to cancel out the negative and another one so we can have a positive.

I’m pleased to see that the charge registered at companies house, in favour of a goldplat subsidiary, has been satisfied. It looked like it was linked to the original purchase and so perhaps should have been removed previously but it’s gone now.

Does this suggest new funding might be on the way ? Clearing the old paperwork up in readiness for a new charge perhaps ?

Would be good to tie good news in with the unlocking of the locked in holders.

BBC radio show ‘more or less’ have done a mini episode on the Kenyan election result. Available on bbc sounds.

Still rumbling on sadly but all looks fairly calm so far.

Did anyone catch a stock box thingy yesterday with RRR ? One question related to their Kenyan asset and they said they’d sent their site team home before the election and they were not back yet due to safety concerns. Sounded like a handy excuse to me as we’ve certainly not heard anything.

Interesting analysis Trek.

I’m afraid I don’t understand macro economics but what I do like to do, in honour of our CEO and our heap leach operation, is to describe simple everyday tasks as ‘low cap-ex, low op-ex’ in a very strong South African accent. Try it next time you offer someone a cup of tea/coffee.

Maybe people are worried about cash flow during this improvement phase; lower income with higher costs ? Then there’s the question of funding the improvements more generally.

Potential post election instability in Kenya can’t be helping either.

As the current value is fully underpinned by proven gold in the ground (with a means to extract that value in place) the risks seem somewhat limited to me.

Well well well, as Meatloaf said, two out of three ain’t bad. Just need clarity on the shirt logo now.

Well I'd very much appreciate a nice bullish interview for a number of reasons:-

- confirm everything hasn't gone to pot
- see if Katie gets Robbie's name wrong again
- see if Robbie really does have Caracal branded shirts

But where are all the results from earlier drills ?!

Still being analysed ? Come up blank (surely not all of them) ? Being held back for some reason ?

I’m not sure if it is salient but q1 update referred to gold sales whereas q2 referred to gold produced.

Q1
54,121t of ore was processed at an average grade of 1.75g/t Au, resulting in gold sales of 1,226 ounces

Q2
A total of 58,722 tons were processed through the plants for gold production of 746 oz of gold during the quarter

Is this simply a reflection of lower return rates of heap leach ?

If all Q2 production was via heap leach at the advised recovery rate of just under 50% then that would mean an input grade of around 1.26 g/t I think.

Initial thought Is that the heap leach recovery rate is a bit disappointing at 49.2%. The earlier pilot results had a slightly higher return over a (assumed) shorter 14 day period.

Update has landed !

Do you think many of the original crew and passengers will seek to disembark the good ship Caracal once they are able ?

Their 2.5p warrants are far from certain so they might prefer to keep an interest at these share price levels.

A recent company tweet repeated the earlier production estimate for the year from 1 July 2022 to 31 June 2023. This was 15,196 oz.

A follow up tweet from the gaffer confirmed 2,000 oz per month was on track for 2023.

Taken together this means production from 1 January next year to 31 June will be 12,000 oz (6 x 2,000). That leaves 3,196 oz for this half calendar year or 1,600oz per quarter. That’s the companies numbers so they should be pretty accurate.