Member Info for sw10000

Just noticed companies house is not updated with the accounts yet, I guess they need to approve and sign off https://find-and-update.company-information.service.gov.uk/company/09829720/filing-history

Good to see the accounts, we always knew they wouldn't be pretty but the fact they are very detailed shows at least a proper job this time which will hopefully show LSE we are on a footing to get back to the market.

I've read through but will have a proper look later.

At least we are now up to date, we await prospectus, funding and dilution news with hopefully a plan that will restore some confidence

I think and could be wrong it's full year to May 2024, then we should have the interims also.

I'm not sure they will bring us out of suspension, will probably be a bloodbath .I suspect prospectus, plans relist .

Someone will stay, many will go, some new people may buy into the new story. I'm still on the fence and need a strong message .

Just checked a bit further and we appear to be all up to date...lets see if we can make progress before we have this hanging over our heads again

Next accounts made up to 31 May 2025

due by 28 February 2026

Last accounts made up to 31 May 2024

Here you go, waiting for the document to be uploaded https://find-and-update.company-information.service.gov.uk/company/13072031/filing-history

We know they will be awful but it's about getting the boxes ticked so we can move forward to hopefully get us back on the market whatever that will look like

Yep, fingers crossed this time it's not another false dawn.

The chances this time seem better at least , good to see the board and committees formed, this at least shows the markets they are serious

Makes sense, get governance and management team in place to show you are serious, sort the audits and prospectus . This then tells the market we have cleaned house and are getting the legacy issues of the old managements sorted.

Then you can start showing off plans etc

No one know but Jason appears to be getting things in place, since change of leadership a month or so back , a whole new board, both audits submitted and awaiting official prospectus.

Next steps once these are completed are FCA approval, working out the ops plans and hopefully getting some funding and loading the head leaches to generate some revenue.

If all goes to plan I would be looking at August time, Jason says hopefully June for Prospectus but that may be a bit to ambitious

Was meant to say GCAT

off the hype train as we in GCAT found out from the 1.8p days and some in Maru are discovering .

The way I look at this is quite simple

1) Today I've lost my money - There was no way back under the old structure

2) Jason has provided a boost and if it comes back to the market (Sounding positive) I get some money back

3) If Jason delivers I may get all and some more back.

I have the mindset of 1 but will watch for options for 2 & 3.

One thing you can guarantee with Jason is he knows how to spot an opportunity to make money , the trick is knowing when to get off the hype train as we in Maru found out from the 1.8p days and some in Maru are discovering .

Hindsight is easy, the good news is unlike Maru the mine exist , heap leeches were built and partially upgraded. Just need to get digging and do some TLC to get the gold whilst building the upgrade plan.

It's a fair point legalwolf, I will pause and take my time to review the plan etc , the reality is I had written this off so making something back would be good.

Given we've been through the runner with this, cool and calm thought making has to prevail. Good news is we have time to digest while the share is suspended and we can see Jason's plans evolve

I understand the frustration of the Maru long termers, there have been many lofty goals BUT in GCAT, I only care that we get back to the market and I have options, anything after that with regards to a plan is credible.

Knowing what I know now, if GCAT was coming back to market and I wasn't invested, would I invest? Not a chance.

The good news at least here is if they can get the heap leeches loaded as Jason says they can start generating revenue within 3 months

Let's not good ahead of ourselves , I've been watching the Maru journey and invested at various stages, things said in interviews don't always happen .

Anyway, the good news is the accounts are submitted and just need releasing, new board who look decent on paper, we know the resource is there, gold price is brilliant.

We just need to understand the level of dilution, I've factored in a very large amount of dilution , if we ever see 1p again at some point I would be very happy.

Great interview, interesting points around all in sustaining cost being between $1650-1750 which works nicely with the current POG.

Also, information on prospectus aiming to be complete by the end of May.

Lets see how it translates but it's good to see a positive message from Jason and the energy he brings, lets hope he can deliver on his timelines.

I think they are clearing out the old baggage to show new team getting stuff done and moving on from the old management.

I would really love to know what happened to all those millions that were used for the audit's and prospectus over the last 1.5 years....

I'm not sure why we are all bickering over nothing , the company appears to be doing something which is a plus.

What the end results looks like for us beleaguered shareholders who knows but it cannot be any worse then where we were pre Jason coming back and Robbie going .

Personally I'm glad to see the back of Robbie, Jason is no angel but at least he will push things forward .

Hopefully by the end of the year then company will either have a plan any better mining or finished..Either way I would like a conclusion by the end of 25

For anyone interested, I run it through ChatGPT to do some sentiment analysis.

Context:

Caracal Gold PLC, a company focused on gold mining in East Africa (notably the Kilimapesa Gold Mine in Kenya), is taking urgent steps to restructure and relaunch operations after a period of financial and regulatory difficulty. This RNS announces a significant board refresh aimed at:

1. Restoring operational credibility and governance.

2. Addressing stakeholder and community concerns in Kenya.

3. Recapitalising the balance sheet.

4. Resuming gold mining operations and LSE trading.

---

Key Appointments & Strategic Implications:

Noreen Kidunduhu (Chair): Her legal and governance background in energy/extractives and focus on ESG and stakeholder engagement signals a serious commitment to compliance and community relations in Kenya.

Martin Westerman (ex-CFO roles, turnaround experience): Strong financial restructuring expertise—likely key to debt/equity work needed before resuming trade.

Edward Ruheni & Hannah Wang'ombe: Deep ties to local operations and public policy, useful for stakeholder management and ensuring regulatory alignment with Kenyan authorities.

Kevin Warrington: UK-based, representing local investor interests—important for restoring market confidence.

This also marks a clear devolution of executive power, as Simon Grant-Rennick steps down from the Chair role.

---

Interpretation:

This RNS should be read as a prelude to relaunch, not just governance housekeeping:

It reassures regulators and investors that Caracal is rebuilding properly.

The geographical balance of the board (Kenya, UK, South Africa) aligns with operations, compliance, and capital markets.

Jason Brewer’s comment about prior working relationships could indicate a coordinated turnaround team—potentially reassuring for those concerned about internal alignment.

---

Investor Considerations:

Positive signal if you’re tracking Caracal for a rebound or recapitalisation play. A refreshed board often precedes or coincides with capital raises, JV announcements, or debt restructuring.

Watch for follow-up RNSes detailing:

Status of LSE re-listing

Recapitalisation or funding round

Mine restart plan or production timeline

There may be dilution risk tied to recapitalisation, so consider that in valuation models.

Monitor sentiment and political risk in Kenya—it could affect permitting, timelines, and operations.

Some smart appointments to the team, I'm guessing Robbie was very much on the wrong side of the Kenyan and Kili authorities, this is a sign Jason is working to right this.

Having seen Jason previously at GCAT and Maru he is very good at engaging the local community.

A step forward , only time will tell what it means for us existing share holders with regards to dilution etc

I agree, until this is actually back on the market and we can trade and they have a plan it's meaningless.

POG at least is supporting a potential return but after many false dawns I won't get my hopes up.

Yep sadly but we have seen how ineffective that is was Maru, also note the parallels with the duel listings that never happened or were massively delayed with both