Member Info for sw10000

I know someone who told me they have all been paid and are happy... See how that works.

Proof is everything , some random that has never posted on GCAT pops in with a random deramp.

Yes, he mentioned in the interview funding was not dependent on the prospectus

I hope we would all like to see something this qtr

Sounds like GCAT is an uninvestible share for you give. The CEO is likely to remain .

He's made some big mistakes with the CLNs however I don't believe his actions are malicious, rather he banked too much on OCIM funds coming in hence he was hoping to quickly pay back, when it was delayed and then eventually didn't happen the proverbial hit the fan. Hiding the CLNs was the mistake .

OCIM not so much from all I have heard and I believe they did pull the rug from under , credit needs to be given though for keeping the lights on and pulling the company back from the brink.

I believe lots of lessons have been learnt and he was far more cautious in the recent interview abou the funding and the JV when pressed on timelines .

Ultimately, we will find out over the this QTR or the next.

Apparently this will also be covered under the ML for Kili which is valid to 2036 once converted, says it on the interview.

I also found the following but need to confirm as the Kenya mining site isn't up to date or at least the one I'm looking at.

Prospecting Licence PL/2018/0189 is a prospecting licence that was granted to Caracal Gold plc in Kenya in 2018. The licence covers an area of 55.3 square kilometers, which is 62 times larger than the area covered by Caracal's current mining licence at Kilimapesa. The licence was renewed for a further three years in January 2023.

Here are some additional details about Prospecting Licence PL/2018/0189:

Grantor: Ministry of Petroleum and Mining, Kenya

Area: 55.3 square kilometers

Minerals: Gold, other minerals

Validity: January 2018 - January 2026

The licence allows Caracal to explore for gold and other minerals in the area. The company has said that it plans to use the licence to accelerate its exploration activities at Kilimapesa and to grow its mineral resource base to over 2 million ounces.

In January 2023, Caracal announced that it had renewed Prospecting Licence PL/2018/0189 for a further three years. The renewal of the licence is a significant vote of confidence in Caracal's operations in Kenya. It also provides the company with the certainty it needs to continue its exploration activities at Kilimapesa.

Caracal is a gold producer with operations in East Africa. The company's flagship asset is the Kilimapesa gold mine, which is located in Kenya. Caracal also has a number of exploration projects in Kenya and Tanzania.

I hope this information is helpful! Let me know if you have any other questions.

That was ounces a year BTW, probably lower but that would be great.

He seems quite happy with VR on the interview, excited about the potential but it's early stage and awaiting the funding to carry on with deeper exploration so being realistic.

Sounds sensible to me, will be multiple open pits .

If VR is as good as they think it is , could get a couple of hundred ounces from it over a 4-5 year life but too early to say..Not my words but Robbie's in the interview

Agreed, would be good to see some further results on VR as the initial results looked very promising

It's a fair question, why don't you reach out to GCAT via the contact on their website to enquire.

I guess we will never know all the in's and outs of what happened but it doesn't look good for OCIM either, they never commented either which is interesting.

I also heard from the Robbie interview that when the funders came to the table , it was more involved then usual as they also wanted to understand why OCIM pulled out, effectively doing an extra level of due diligence before starting the standard due diligence process.

Surely this is a good thing for us if they've gone through additional sanity checks.

The good news is the funder has had at least two independent mining teams on site doing due diligence on the existing mine and plan.

I'm pretty confident they will have studied the cost and feasibility

From one of the recent tweets (July 21st):

The final version of the independent mine plan has been received and is being reviewed this is one the last big steps for the Kilimapesa expansion financing.

Not sure if that's correct, from what was mentioned in numerous interviews plus the interview Robbie recently did he stated the OCIM money and Philloro would have been enough to pay for the upgrades to allow 24/koz a year and the exploration of VimRutha, Tanzania etc (that may not be an issue if the JV happens as stated)

I suspect and I guess we will never know but they wanted a way out and put a condition in front of GCAT they wouldn't accept.

It's all guessing though, where it went wrong is Robbie taking out the funding from ME assuming it would all be done and then when it wasn't created the issue that we saw in Jan 23 which they are now working to resolve.

If the potential funders is who I think they are, it will be a very good beneficial relationship for both parties

All fair points LegalWolf and ultimately its down to ones own risk appetite, OCIM was a bad situation which many could not have predicted based on the RNS etc saying it was completed.

We can only hope lightning doesn't strike twice in the same spot, tbf to Robbie they mentioned in the interview they have learnt a lot of lessons and also future funders also asked why it fell through and appear to have carried out additional due diligence on top of what they would normally do.

With improved governance in place hopefully we are set for success this time, I guess time will tell .

There have been a lot of tips on twitter and RNS to who the funders could be and if it is who we think it may be in the very final stages, nothing can be taken for granted until it's in and funds drawn

The discussion raised by Robbie is it will be a streaming agreement

And that's why they did a lot of maintenance of the kit to reduce that in future, they have redundant power and the upgrades from funding will include a second mill and a new crushing plant.

600oz is the minimum target per month , due to issues in June with the downtime of the mill output was a lot lower hence the average per month was impacted.

I suspect we could go higher then 600 and they probably will when HL4 comes on line, hopefully in late Q3/Q4 , they need the upgrades though through funding to improve a lot of equipment.

Good news is Robbie said most of it was ordered and sitting there awaiting final payment due when funding comes, fingers crossed we get this in the next couple of months

If you want the latest information, I suggest you watch the interview with Stockbox from Friday. https://www.youtube.com/watch?v=_wKOJni8UxY&t=176s

This will answer all your questions and more. The twitter feeds also show a lot of updates on site from the photos and weekly updates.

That't the thing though, a lot has been going on under the bonnet which is why it's so important to look at the details, I will agree the SP doesn't reflect the work that has been going on at site and the corporate funding and governance side.

All these things need to be sorted, you will then see the SP re-rate.

Not many producers in profit with a MCap like ours.

That would be the case if your first comment in months was more constructive even if negative, we all know the issues with the prospectus and awaiting funding, it's been talked about to death and most including myself's see their are issues that need to overcome, trust needs to be rebuilt with the CEO and the fact there is still significant risk attached.

Your first comments were these which certainly weren't constructive or balanced:

Surprised this lot hasn't gone bankrupt yet, must be due another placement?

followed by

Oh they done one last month that should keep the lights on a little longer.