Member Info for sw10000

Think at this level it could well be , at 1.6-2.5p I thought it was a good buy which is was until recently .

Alex just needs to deliver on the drilling and some solid news

That's good to hear and hopefully more positive news will start to bring the momentum back as we get closer to listing .

If the license gets approved, next phase of funding and gold prices next year we should start to build the value again

I think people are aware of the situation we are in BUT Robbie appears to be trying to keep the ship afloat and turn it around.

Today's RNS is very positive given the history .. it gets us all once step closer to having a choice whether we buy, sell or hold.

Probably best not to talk your investment down , I'm sure you want to maximise your exit .

Everyone is frustrated... I suspect Robbie more then any of us including those that have very large holdings here

Without a doubt, we've shafted here by the CEO. No way the series of events was a coincidence leading up to the performance shares.

I'm just trying to take some positives and the fact he needs to make it work for his shares to be worth anything, there isn't much of a market to sell that many.

For me , this highlights why these companies end up getting traded so much and there is no real value to holding

I agree, I've definitely lost some good will in Alex the CEO over the last few months going from 1.6 - 4.9 and down to new lows based on the JV .

Timing of performance shares hit us badly. The reality is I would rather the CEO take a large amount of shares then a large salary, this keeps them motivated to achieve their goals.

The other reality is BHP looked at 500 companies for Xplore but chose EST and 5 others, they then also done a number of joint events promoting both organisations.

Progress will be slow but based on the JORC the value looks to be there, just not immediately

I'm happy with that RNS given the situation we are in.

This allows us to move to finalise the Tanzania license which unlocks the 500K from Synergy, two additional heads on the board which is great, and most importantly a move to phase 2

They've confirmed the new auditors which is another step forward, get the interims and 2024 accounts out and we could just be in a good place by the end of 2024.

The fact that Robbie is loaning 100K also shows his commitment to the cause, we've all knocked him but he keeps putting his money in

I'm hoping when/if we relist those that want to sell and move on do so and don't continue to clog up the boards after they're out.

We've all been through a rubbish couple of years , if you're out it's time to move on and those that wish to continue the journey will .

Let's see if 3rd time lucky on the finance (The 2nd some may know about who had an eagle eye ) with Cynergy being the 3rd

Accounts don't make for pretty reading but we all knew they would be bad, the main thing is this is a step to us having some form of progress , if they can secure the funding and get the prospectus out then we have something (sounds like a broken record I know).

They do really need to get the mine operational though whether it be before or after the upgrade

The directors have carefully considered the Group's current cash position, cash flow forecasts, and the future expected financial resources. Based on this review, the directors believe that the Group will have adequate resources to continue in operational existence for the foreseeable future.

Turning to Tanzania, we completed a review project which included relogging and sampling of the core which confirmed the existing JORC resource and highlighted the additional exploration and development potential of the project. Late in June 2022 we settled the acquisition of the project through a share issue to the vendors. A number of 3rd parties showed interest in a possible joint venture for the development of the project and the discussions are ongoing.

Caracal's resource fundamentals remain and once the funding for the Kilimapesa expansion is secured and the expansion complete we will have a strong platform from which to grow.

The Board has decided that the Company's financial advisor as well as an independent firm of solicitors, will be consulted to assist the Chairman in this review and the Board expects all the above to be concluded as soon as practically possible. Work on the Corporate Governance is continuing to progress well. This process will be completed and announced via the prospectus which is expected late 2024.

For anyone interested, this sheds some light on the pain they have gone through.

Dear Shareholders

I am pleased to be able to be in touch with you all, as the Chairman of Caracal Gold Plc. I have only been in the chair since April 26th, 2023, but it's been a very hands-on situation. Everyone will know of the problems the Company had at the beginning of 2023. Please rest assured your board have been working hard to resolve them. This work has included managing the departure of several board members, commissioning a governance review, managing several fundraises and improving the Company's internal corporate governance including secretarial support and financial support which should bear fruit in the future.

The ongoing board of CEO Robert (Robbie) McCrae, Non-Executive Director Stefan Muller and I have had a tough time to ensure the survival of the Company. This has been done by reducing staff across the board and managing outstanding invoices. We have also managed to produce some gold - approximately 632.5oz from July 2023 to date.

The Company's shares were suspended from the Standard Listing segment of the Main Market of the London Stock Exchange for failure to file the annual report and accounts on time. This delay was caused by lack of both financial and human resources. We are now able to publish these accounts. However, we draw your attention to the Auditors' Report which highlights these issues and includes a disclaimer of opinion, as the auditors have not been able to obtain sufficient appropriate audit evidence to provide a basis for an opinion. This includes insufficient evidence to support the Company's assessment of its ability to continue as a Going Concern. The Board have noted these uncertainties and issues are intent on correcting them and are actively pursuing various funding options to ensure the Company will continue as a Going Concern.

In addition, PKF have indicated that they will not stand for reappointment as the company auditors. The Company is in the process of securing the appointment of a Public Interest Entity (PIE) auditor and will announce same when appointment is finalised.

We are also examining candidates to strengthen the board and it is my intention that board committees will shortly be supplemented with additional directors who will add their skills to your board.

The Company takes the issue of sustainable development very seriously and responsible stewardship of the mineral resource and the land.

We continue to be a good corporate citizen in this area, despite our own corporate situations.

The Company still has potential assets outside of Kenya in Tanzania and hope to be able to look at these in detail in the coming months as things develop, but as we all know funds will be needed to be available to do this. The Kilimapesa Gold mine underground workings have been targeted by artisanal miners and as such mining of the open pits has been stopped to ensure safety of the staff

Moving again and interims in a few weeks plus audit started up to June 25 with new auditor

https://www.londonstockexchange.com/news-article/GCAT/annual-report-and-accounts-2023/16674002

As you know it will just constantly be traded into , for long term holders the only way is to play the game with some of your holding or acquire more when it drops.

Or simply do nothing if you got them at a good enough rate

Agreed and that is the thing that has really annoyed me, the interview pre suspension he painted.a very different picture to the reality of where we are. He would have known most of these things, I suspect most people including myself would have sold out.

A rule of thumb with any share doing into suspension I think is to get out, a few come back well but most of the time they are longer then expected and usually reason that are rarely positive as to why they were suspended.

It's not good is it really.. the only hope here is the company that is due to take over running of the Plant will bring their own upgraded equipment .

Given the constant lies from Robbie and team, delayed finance that never seems to quite get over the line I've pretty much written this off .

The delay of the finance to September... Let's see if it happens but I'm not counting on it . If this does by some miracle pull through I hope the first order of business is to get shot of Robbie and the incompetent management

There seems to be more comments everyday then there was when we weren't suspended ;o)

Think we are all frustrated but until we get an RNS stating we relist there is zero any of us can change or impact , I agree with the statements ref mining, I find this mind boggling we cannot generate unless something has broken and they aren't got the cash to fix, anyway we continue and await the funding RNS which has already shifted twice

Agreed, surely it would make sense to be getting gold out the ground at the current price

Gold price may have doubled by then :0) if so I will send photos from sight when I'm digging it out with my newly found Artisanal friends

The challenge in this case is people cannot ;0) still we all live in hope.

The thing that gives me hope are a) POG and B) looking at sat images new shiny objects keep appearing right next to the main site

Yep, sadly in hindsight you cans ee how investors were misled.

Looking at the original investment prospectus and hype from Jason Brewer it looked like a brilliant investment , still he can only take partial blame.

The interview before suspension was full of misleading statements to stop investors from selling out IMO, likewise so we're the Tanzania tweets and constant gold pouring tweet photos .

Still hindsight is easy and we will see if we get anything back, if not lessons learnt and we move on

Agreed, will be frustrating if they don't notify the market having told us it was delayed and they would deliver on the 20th. Saying that was the RNS on the 20th actually the confirmation it would be complete on the 20th?