Member Info for Suggins

As an aside Aprogerson; we have seen that Align took £90,000 for their research note. I do hope that you’ve negotiated something similar for your production analysis.

I do not think we have a new dilution issue here. Shares were already ‘issued’ and counted in the existing total but the correct paperwork was missed (on multiple occasions). But I could well be wrong.

What the shares were for is a different matter. From the original acquisition RNS on 7/12 in respect of Nyakafuru:-

‘Under the terms of the acquisition, Caracal will acquire 100% of the share capital in Tyacks from the existing Tyacks shareholders in return for an up-front cash payment of US$500,000 and the issuance of US$2.5m in ordinary shares in the Company that will be subject to minimum 12-month lock-in provisions.’

As the deal was later revised it seems unclear. There may have been abortive costs in respect of Simba too and also consultants fees.

Another one !

More paperwork missed; surely when you find it happened once you review from the start to rectify things properly. Who is providing advice here ?!

Do you think we might get further statement ? Along the lines of this is now definitely sorted, a new competent professional has reviewed the books etc and the FCA are satisfied?

I’m still far from happy about the share shenanigans set out in the 3 August RNS. But I’m hopeful that the BMOJ (big man on Jersey) has made suitable enquiries and has received satisfactory responses and clarity before upping his holding yet again.

I’m just not sure who is giving the advice on the problems. For example, looking yet again at the Rns, 37,500,000 shares allotted to former directors need a prospectus before being admitted, this is because the annual allotment limit had been exceeded and the former directors were the most malleable of the allottees. But, p143 of the prospectus specifically excludes performance shares from the allotment limit and so 7,500,000 of these ‘new prospectus shares’ could, it seems, be allotted immediately. If other performance shares have been counted against the original limit then perhaps no further prospectus is required at all.

Sorry for bringing this up again but can anyone help clarify this for me. This Rns refers to two separate placings at 1.25p.

1) 24,000,000 in late December which I think was referred to in the February ‘clarification’ Rns.

‘ included £300,000 received from an existing major shareholder at a price of 1.25 pence per ordinary share’

The fact this happened a few months before helps explain the previously inexplicable higher price of this placing against the larger 0.95p placing. Not clear why news of it was delayed until February (when it was merged with the other placing).

2) A second placing at 1.25p on 17 February of 16,000,000 shares. This raised £200,000 and I’m not sure when it has been mentioned before.

This will take place tomorrow it seems. Fingers crossed for an orderly transition of power.

https://www.bbc.co.uk/news/world-africa-62184544.amp

Let’s hope we get an update on how much of the shiny stuff we actually have in hand this week; some news certainly seems due.

We’ve still not even had an interview since the massive resource update ! Tick tock …

On a wider company admin type point there are charges registered at companies house against both Caracal Gold and wholly owned subsidiary Mayflower Gold Investments Limited.

Both appear to relate to the initial asset purchase. Does anyone know what these now secure ?

The mayflower charge refers to the initial share purchase agreement with Goldplat, and is in favour of Goldplat. Other than the production royalty I thought all was paid up there.

Looks like an embarrassing admin error. I think the total number of shares is the same so it’s just a form to the FCA that was missed. Not surprised LSE etc get our share count wrong.

The fact a prospectus is required for part of the listing suggests they miscounted somewhere and have used all headroom. So double error really.

We had been told a prospectus was not possible till near year end due to audit requirements, let’s see if that holds.

Delphi called; they want their oracle back.

Pork pie,
sausage roll,
c’mon Robbie,
give us more gold !

‘resistance at $1,765 so will be hard work to break through’

Gold price seems to have ended the week bang on 1,765; are you Nostradamus in disguise?

Certainly looking a remarkable opportunity.

Point one of the ‘next steps’ from Asx news release is an application to transfer quota to prospect; I assume this is a simple rubber stamp type application?

With 318,000 oz of high confidence gold in the mining licence the current market cap values it at around £42 an oz against a gold price of £1,425.

That ignores all lower confidence gold, hope/expectation value oz will be increased, the entire prospecting licence inc the recently recovered Red Ray, the plant, the infrastructure, the existing low AISC operation and site team, Tanzania, the rigs, the management, negligible debt etc etc.

You'd be forgiven for thinking Caracal was based in Russia or North Korea with the current valuation.

‘Best guess Q2'22 gold production circa 1,390oz/month average over period’

That would be great ! Wasn’t q1 somewhere around 800 oz / month (54,121t of ore at 1.75g/t Au) ?

Your message made me think of:-

The optimist believes we live in the best of all possible worlds and the pessimist fears this is true.

Sales in dollars and I’d imagine a fair proportion of costs in shillings so hopefully the favourable exchange rate is helping to offset general price inflation:-

https://twitter.com/kenyanwalstreet/status/1551599282410913793?s=21&t=5h0sR5igPbGporg9ztDUAQ

People clearly buying in anticipation of those results; frantic trading.

On a more positive note, the company has already filed the two new director appointment forms at companies house. It took three months to file the last ones and it’s nice to see an improvement in admin.

I can see why there is confusion about being on AIM, this is at the top of the companies own webpage !

AIM: GCAT Current: 0.75p (0.02p)