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Zero updates as far as I'm aware.
It would be nice to be updated tbh on where we are at, but I know with these things its rare to get one.
Keep checking each morning to see if that accounts submitted RNS has landed, but not right now.
The tweets show in terms of the plant, things seem to be ticking over as usual so thats positive.
Hey JC, I too think lessons will be learnt over time and in many ways there wont be any other choice than to improve in terms of governance. In terms of transparency, thats something I would like Robbie to work on myself. I appreciate he prob feels by not disclosing stuff he might be able to solve before anyone needs to find out and thus protect the SP a bit, but that last interview was what I would like to see more of. If he was more open because he could see the big damage being done or because he has changed his ways, I don't know and tbh don't care, as long as it continues.
Its my view his lack of transparency is what has done him in in many ways. If he had just been open and explained how hard it all was right now I'm sure most would have understood and been more forgiving timewise. Telling everyone that lots are interested and its all final stages (in terms of funding) since about March, I feel made a lot lose faith in him as investors aren't stupid and many will have seen through it.
Room for improvement for sure, but I do feel he was likely saying what he thought was best, over attempting to diseve others, but appreciate that view is and always will be, just a matter of opinion.
JC, FYI GCATs East Africia not West, although I appreciate likely just a quick type thing as I know you know your stuff.
POG is doing well isn't it and hopefully long may it continue. Higher prices mean more in GCATs pockets per month right now which can only be a good thing
Daniel, that is a very fair point. I've notice there is many a hear no evil type of holder who can hear and ignores any wrongs and a equal amount of hear no good types who only look for negatives.
The accounts thing was another example of a wrong, I'm not sure how anyone can hide from that and it does highlight a previous concern in that Robbie only discloses info as and when he sees fit. He knew previous 24k cap target wasn't going to be hit Dec 22 months in advance as he knew he needed 6 months after funding drawn down to achieve, yet he spoke about that target being on track many times within that 6 month period. Equally, in April 23 the company put out a presentation showing a list of targets to be hit by year end. As it stands I'm not sure if any has. Likewise I imagine they have known for a while the accounts wouldn't be filed on time.
That hiding of info is an area that still needs to improve imo but there is still other positives where the company has shown improvements to.
Seeing both sides imo is the only way to see the real truth. Hiding from one blinds you.
No spin here Beb. Just adding what I see as a fact right now (SP can't move as suspended). If you see that as positive (no more downside) or negative (missing put on potential rises) is up to you.
In terms of Gold explorers getting funding right now, its been pretty limited from what Ive seen of late. How many small cap explorers can you name which obtained full funding and drawn down within last 9 months? I can't think of many.
GCAT is different, I do agree, although my point was producing doesn't instantly mean easier to fund. Firstly, your MRE is important here as anything under 600k ish indicated is a tough fund for a full 80 mil plus mine build, same applies for location. Basically what I am saying, is no two companies are the same. Building a mine in europe can cost circa 300% more than in some parts of Africa. Capex, opex, logistics, transportation, local governance, so many varibles.
"Producing" is a bit of a over used term in my view. Profit making is all that really matters. Its no good "producing" if you still can't keep the lights on for example.
Now with GCAT it would appear they are roughly ticking over around breakeven while they use the high grade ore. Bit of spare cash is being created but equally outstanding monies owed has been swallowing that up.
Thus, obtaining funding, esp in this downtroden market was and is always going to be hard. A financier is only going to hand over the money if it feels certain it is going to get that back, plus some. Just because we are producing that doesn't equal a given that it can go on to make decent money.
The upgrades should provide that, but I think it natural to expect a lot of Due Diligence to be taking place.
Time wise, I'm not really suprised its taken this long and I feel the only reason a lot will think its taken forever is because Robbie, as Robbie always does and has, over hypes, over simplifies things due to his bullish statements.
The TG group interview start of Nov was the first time Ive actually felt he was more balanced and that was good to me.
GCAT has a lot of iffy history, two missed account filings in two years, a fallen through finance deal, multiple missed targets, multiple raises, large SP decline (most companies to be fair), so again, you would expect a financier to really dig deep and take their time.
The bonus of being suspended is that the SP is standing still while (hopefully) some of those other things are getting ironed out.
Its not exciting right now, but given the rollercoaster of the last 12 months, maybe thats not a bad thing
A lot is as it has been. Company still awaiting prospectus approval and accounts submitted and suspension lifted, along with the funding Robbie has mentioned is in final stages since about June lol.
Not much to report really.
POG is a very important factor here, as it is for all gold exporters. I can't see how that could be denied.
The company still has to operate well as POG wont run a mine for you or deal with the FCA but it will or can make or break your margins.
A higher POG for a producer like GCAT can only be a positive thing surely.
Following on from the TG/Stockbox interview, where Robbie mentioned it was in and they were hoping FCA approve the prospectus, or if they don't Robbie expected it to just need one more tweak, that tweet suggests to me that the FCA asked for a tweak otherwise it would have already been approved.
We can't know for sure how many tweaks are left but if Robbies expectations were right then we should be very close to final submission and fingers crossed approval.
"I have a feeling that suspension will last until gcat get funded."
You could well be right mate. If money is low it protects the SP decline further. Although you can suspend for pending news and so delaying your accounts would be an extreme way to do that, although Im sure not uncommon.
Good to see tbh. Not set the world alight figures but expected figures as we already knew the 24k per year aim. I've seen a few comments saying 49k over 3 years isnt 24k per year, which it isnt, but you will have ramp up time at the start along with times when there is downtime. That's just mining to me.
GCAT certaintly isnt a dull share to own thats for sure. Timing wise, I do wonder if RM hopes this will take some of the heat out of the questions.
I totally agree that dispite our anger at times its important to remain civil, because:
1: Were adults
2: Uncivil questions just wont get asked
3: CEOs will just stop doing interviews altogether if they feel all they will get is abuse
But that shouldnt mean the questions arent probing. We haven't to my knowledge ever been told why they kept the Mill End CLN secret for so long nor have we ever been told why they kept saying in interviews that 24k by year end was still on course when they had stopped the work on site due to cash flow issues and thus clearly knew 24k wasnt going to be hit long before they told us that.
Do I think Robbie will ever tell us that? No tbh I don't.
The OCIM deal to me is more of a red herion as deals fall through all the time. Focusing on that I think takes away from all of the other concerns.
This time round my question is:
Why didnt the company RNS more details on why the accounts are delayed and timelines to solve on the same day as announcing the delay. Why have we had to wait 2 days to then try to get answers via an interview hosted on a platform a lot of investors don't use? Why not just make an official statement to the market?
@Clued, Telegram is a chat room hoster. GCAT, like many other stocks has their own GCAT only chan on it. Think of it like a giant whatsapp group.
More often than not, each stocks group is run and admin'd by holders, which for me was always my issue as the naratives were usually controlled and thus the TG groups I joinned became echo chambers, hence me not using anymore, but I do know many others really like them, so horses for courses.
From time to time GCATs group has hosted interviews via 3rd party, as it tomorrows, so dispite me not being into the group in terms of discussions, I def think it provides a plus as I for one am happy they are doing the Q&As.
The interview will also be put out there externally after, but you do/would have a delay.
I'm not sure it would be prospectus related Watcher myself as reason for suspension was delay of accounts and annual reports, not prospectus.
I've seen these type of suspensions a lot on small caps and its usually just a case of small companies being not well set up enough to get there accounts completed on time.
So for me, I'm not to worried about the suspension itself but I do think the rise into it was suspect as and equally, announcing with 3 days trading before it occurs is a concern as shorters could have a field day here.
Overall, just another f up to add to RMs long list and 2nd delay for same thing two years in a row doesn't scream "lessons learnt".
Grand scheme, long term, should just be a blip, unless there is something seriously wrong with the accounts, but not the best look is it.
Roger, way I see it is most of the western worlds richest people are heavily invested in various stocks and indices etc and I just cant see them letting all that money dispear and thus a bull market will at some stage happen. No one makes money in a flat market.
In most bear markets of the past there was always those who felt this time it was different, this time the world was changing and no more would we see a bull market, but we did.
I think back in the late 90's Labour even made it there party mantra that there would be no more boom and bust, but there was.
Markets cycle because the whole thing is almost commicially rigged towards HNW individuals. Both bear and bull markets need to occur to allow the flow of money to happen. You cant short stuff forever as evidentually there would be nothing left with everything at zero.