Member Info for Suggins

I thought the interview was very clear on production targets:-

- 600 oz per month at present.

- 2,000 oz per month post expansion. To be achievable 6 months after receiving the financing.

The last quarter was the best production result ever for Caracal and it could well be the best for the mine as well. That’s quite good.

It is disappointing that the reported numbers do not appear to hang together but as ID78 says this is not new.

My simplistic view would be you know what has gone in, tons and grade and what has come out, oz sold. And that then gives you the whole system recovery rate. If each element is assessed separately and each is subject to error then it is not hard to see how discrepancies can appear.

I think there is definitely a question mark here but it is not quite as per your calculation I don’t think.

‘Commissioning of an additional 100m3 CIL tank in the leach circuit, improved recoveries in the Milling plant from 76% in Q1 to 78.7% in Q2.’

The 81%, 89% and 89% figures relate to plant availability not recovery rates.

Lots of activity shown there, perhaps not surprising as they are now mining 20,000 tons a month, plus all the stripping and preparing, and then processing a similar tonnage. That’s a lot of material to dig and shift.

I think I would have liked a little more explanation of what appears to be a dip in the quality of the ‘high grade’ ore but we do have an interview to come.

The mined tons increased throughout the quarter and it appears that treated tons would have as well had it not been for the necessary plant maintenance. Upward trajectory.

A very straightforward, almost terse update but 1,645 oz is a decent enough result. Well done to the team.

Delayed to allow quarterly results to be ready or something else do you think ?

Sorry SW10000 I was only joking, it is definitely positive there is going to be an interview and it will be very interesting to hear a little more detail on the progress that is being made.

I think if I had a question it would be what has become of the longstop date attached to the ORCA financing and how does this affect the £1mil they already paid, the share lien over the holding company and the potential additional £4mil investment that was mention.

That is exciting; given the ongoing material risk of insolvency surely question 1 has to be; ‘when is merch going to be available ?’ We don’t want to miss the boat on that.

Large quantity of low value trades today, are kids using their holidays wisely or just computers messing about ?

Whilst we wait; Rachel Johnson has now been removed as a director of the plc at companies house. She has not yet been removed as a director of Caracal holdings and so there remains an odd discrepancy on the fillings between these two entities.

Not particularly big volumes as yet but certainly not much love being shown here. Poor old Caracal.

We could definitely do with some good news, the fact they raised to pay funding costs must somewhat temper production expectations though.

This reads to me like she decided to leave. So my question would be was this a genuine personal decision or due to something going on at Caracal. And if so, what ?!

Non exec resignation hopefully not down to any unreported ESG or other issues.

After the earlier clear-out there are not many left. She had only just been added as a director of Caracal Holdings to sort that mess out as well.

Interesting action. Must be someone selling a fair whack as price doesn’t seem to moving, I wonder if our Mill End friends have decided to sell their remaining holding ?

They’ve put the Caracal booth next to our former director’s investment company.

My view is that the FCA’s job is primarily to protect the public, whilst the prospectus will involve new shares we do not expect a significant public fund raising element. The issued shares are already accounted for and are to go to non public sophisticated subscribers. I think that should help gloss over the obvious issues.

Just trying to look for a positive, the new investor (s) have been introduced by our non-exec. He will have full knowledge of the current state of play and was comfortable to be involved in an facilitating an investment. Whilst of course every investor takes their own risks, it certainly wouldn’t look great if you were directly involved in flogging rubbish to your rich contacts.

The resource info in this RNS appears identical to that given on 12 July 2022. Slightly odd that they felt the need to re-issue it but maybe getting clear numbers out is helpful to the prospectus approval process.