Caracal Gold LIVE Q&A with CEO on Telegram #CGAT

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Additional question asked at the end & answer below: The quesion: 'Looking at the processed tons/grade and accounting for recovery (assumed heap leach at 45%) the total ounces processed after recovery was 2.4k however this converted to 1.6K gold sales. Can you comment on the 751 ounce gap?” The answer from CEO: 'We have run through the numbers as highlighted and there are 2 main contributing factors. The 1st being we report gold smelted and sold and not gold recovered. In any process plant you have gold that is recovered and remains in the circuit at Kilimapesa this number is around 20%.At Kilimapesa we an additional issue that our elution plant is not of sufficient capacity and is old so we can’t elute all the carbon we load. We run the elution plant 24/7 but this is not sustainable as can be seen during June elution plant availability. At the end of the quarter we had substantial carbon that is loaded but not eluted. 2nd the heap leach recovery used is over estimated. The number is closer to 20%. Heap leach tonnages and recoveries will improve during the current qtr. The new elution plant is one of the major items required under the expansion project.'