Member Info for Suggins

Some filings at companies house today; two legacy directors finally resigned and Rachel Johnston appointment submitted.

Not sure why resignations from February took 4 months to file.

On the timing of any potential new share issue (if any if any if any); my understanding is that the audit delay point links into the need for a prospectus (which I assume requires the audit).

I understand that a prospectus is required to issue new shares equivalent to over 20% of your existing share capital in the rolling year. So for any significant raise a prospectus would be required (and so the audit timing becomes relevant) but a small raise would be possible at any time provided the 20% cap was not breached. We have heard Mr McCrea refer to not having much headroom in interviews primarily because 200,000,000 shares were issued in February.

It therefore seems entirely correct to say that no significant listing of additional securities can happen until the back end of the year (but a far smaller issue could take place any time).

Of course I may well be wrong!

The purchase deal has only just been renegotiated. There will be a plan in place. In Mr McCrea we trust.

I’m not sure the spread/price is putting people off, more the fact the market generally is paralysed with terror.

Very wide spread.

'Could be a double bottom is in now' - I certainly hope so; the Gcat chart has more bottoms than the Windmill Theatre.

Something brewing ? Resource statement, listing or something else ?

Not obviously being driven by the gold price.

Thanks Hargreave.

I wasn’t trying to cause trouble. Simply it was my understanding that funds would likely be required to carry out plant upgrade works necessary to meet the stated target. Perhaps I am wrong.

You have advised they won’t be raising any funds until q4 (earliest/if at all) and so I was just wondering if this would impact upon meeting the target. You have said not. That is good. We are all happy.

It was my understanding that additional funds were required to complete works to the main plant in order to meet the 2,000 oz/month target. First they were going to properly asses the cost for the upgrade works then seek to raise the funds (in what ever way was most beneficial at the time).

Are you saying:-

- that this work to the main plant is now not necessary to meet the target,
- that the cost can be met from cash flow
- that the target is being reduced or
- the decision to raise funds is not going to happen anytime soon but will be soon enough to allow for the works it funds to be completed by year end ?

Next year the plan is to produce 24,000 oz. If gold stays at $1,850 and aisc drops slightly as anticipated to $1,150 then income is $16,800,000.

Even if they do half as well as expected it’s still very cheap. Let alone factoring in Tanzanian expansion and prospecting licence resource.

Certainly looks like a good deal for Shanta, although it’s not a fixed rate is it so it could get more expensive I suppose.

Obviously the share price remains sub-optimal but a good week I thought overall for Gcat with the exiting news of the first drilling on the prospecting licence about to begin. No resource statement exists for that area so far as I am aware so anything they find is gravy. They know there is gold there so it is really a case of how much and how economical it is to get at.

We are creeping towards the end of the quarter and so we should have a couple of big company updates to come very soon as well as the ongoing assay results and my personal favourite, the continuing development of the gold monster that is the mega heap leach operation.

Thanks onlyoneshare; sharing a processing plant might make the accountancy a bit complicated but I am sure you have the answer.

I have a question.

When Gcat evidence the gold on the prospecting licence which the artisanal miners have already proved is there then a new mining licence will be required to dig it up. This will have to follow the new legislation and so require a company stake to go to the Government. Will this new licence be given to a new subsidiary company so as not to impact upon the existing old regime kili mining licence and can the prospecting licence be transferred to a new company easily ? Just wondering how it will work out of interest. I suppose as there are no other miners to speak off, let alone ones with both an old and new mining licence no-body knows.

Bottom line is awful performance*

*share price only.

A flurry of tweets now on this new target; great to see.

This is the sort of content I’m here for:-

https://twitter.com/caracalgoldplc/status/1534114965640077314?s=21&t=WTm01pVi9WmbnRvB8hu-RQ

Just missed a trick not using lion king music and having Mr McCrea / McCraw holding aloft a gold bar on the hill top for a close-up final shot. A wimba way.

Useful summary; thanks Trek. Onwards and upwards.

I think I would only say that I don't think there ever was a placing at 1.12p. This was some 'clever' maths to try to blend two other placing prices (0.95 and 1.25) and was quickly retracted.

What the party at 1.25 made of the whole thing can only be imagined but I'd think they'd be spitting out their sauerkraut in rage.

Good to see.

Filling up ISAs perhaps or just following the ‘buy when on offer’ philosophy.

Certainly overall another very positive step on the way to the updated resource statement and every step forward reduces risk.

I suppose there was even a risk that the resource could have decreased with more drilling given the relatively low level of confidence in much of the oz. Finding gold where they expect it and also proving it runs further in almost all directors must be considered very good news.