Member Info for Zan_TM

Your 3p by xmas experienced prediction didnt turn out to be true and I'm the gob.....e lol.

Nov 29th. You posted Greg "3p by Xmas" "Mega News Coming".

Weren't you spamming this board last year Greg telling everyone 400 plus % rises were on the cards within weeks at points?

I rarely do this, but I'm calling you out as a market manipulator who hypes or trashes a stock depending on if your going long or short.

JC, Happy NYE btw mate (and all).

I don't disagree that the accounts are not simple and in that your point makes sense. However, I'm not sure that is an acceptable excuse for a main (or even non main) listed company. This isn't a self employed annual return here we are talking about, but rather a company which as the bare min is required to submit its accounts on time, amongst other things.

Now, that doesn't remove how hard it might be, or the decision making of account or ops (Robbie choose ops) when funds were so low closure must have been at stake. But it must remove investor confidence to the wider market surely? A company not able to even complete its accounts on time, year on year, regardless of reasons, surely comes over as poorly managed?

Thats the concern (or a) concern this situation raises.

Robbie in terms of CEO responibilities has in my mind failed epicly and let investors down. Yes the markets have been hard, yes OCIM fell through last minute, but thats par of the course. Resources have been spent under his watch, in maybe the wrong areas at the wrong time.

So far, nothing has yet proven that to have changed. A open, but equally hyping TG group interview 1 day before suspension doesn't equal a change to me.

Change for GCAT will be delivering on their promises.

Just back in April GCAT put out a timeline showing about 8 milestone moments which would be completed by year end 2023. I'm pretty sure 0 were completed. That presentation was put out long after OCIM fell through as that over promising was a curse before and appears a curse still. So naturally its understandable trust isnt what it once was.

Q1 will help us know if Robbie has over promised again in his TG group interview or this time delivers on his words (prospectus sorted, funfing in, expansion started). If he delivers then all the past will be forgotton quickly imo and regardless of past failures, no doubt his praises will be sung.

For balance

Failures

1: Over promising, 2: OCIM, 3: Missed targets, 4: Resource alignment, 5: Accounting suspensions, 6: Prospectus timeframes, 7: Shareholder value

Successes

1: Stepping up (crediting company etc), 2: Resilence (not walking away), 3: High Grade (without decision to look into high grade area we might have gone under already.

A fair point that Legal.

It would have also been nice to have seen a copy of said review as tbh it feels like it was all hot air.

It might not have been hot air, but it didnt stop them failing to meet accounting deadlines again.

Two years in a row is a poor performance. I don't see how that can be seen as anything else or defended tbh.

As a company, GCAT hasn't been well run in terms of the admin side. The jam tomorrow line has allowed Robbie to live to fight another day, but soon he will have to start delivering to re-gain confidence here imo as admin is important and not something that can be taken as a side thought.

I had hoped things would change as personal changed, but yet to see that.

Robbie seems more well suited to the operations side to me, where in terms of mine development, killi is getting there, step by step, albeit slower than promised many times.

In terms of the SP i don't think there's any hiding from the fact its been a totall shower of the brown stuff. 150 plus to today is aweful, no doubt.

Zoom out though and a lot of the market has suffered the same fate, with hundreds of stocks tanking by 75% plus since their highs.

Many reasons for each, but not all are related to each company. One thing often forgotton is those previous highes might not have been fair value. 2021 for example cause a massive overpriced spike in a lot of small caps, led off the back of a covid furlough boom, whereby many where sat at home with nought to do and money to burn.

Those highes then get referenced as though they were fair value, when for a lot they were a bubble spike price.

Also, inflation ec has hit small caps hard as those same investors felt a pinch on there pockets.

TG has also underperformed in terms of not hitting production targets

Combine all 3 and here you are today.

SP is all that counts but sometimes theres a story forgotton behind its movements.

Not every gain is because a company is doing well, likewise for vice versa.

Merry Christmas JC. Have a good one

Correction RNS's aren't uncommon and its really a "nothing to see here" thing.

The next report is what I'm waiting on. We have had expectations amended and set during the last report so we all know roughly what those figures should show if all has gone smoothly. If so, thats great. If it hasnt, and sometimes things dont go smoothly then its all about how they are/have dealt with it.

Problems occur. Thats mining. So far they seem to be dealing with them fine to me.

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.

If only chatgpt could answer that question huh.

Brought a smile to my face though for comedy value so kudos.

Whats your calcs for 80k tp Cig?

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.

JC, work sadly got in the way of attending the TG Stockbox Q&A.

How did it go?