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Tibbs sorry what report are you looking at because what I read and what I heard during the call in they have delivered and delivered bloody well. GP down and SP up seems others are thinking the same. Yes Horgan admits first 3 months slightly behind personally this doesn't surprise me because 4th Qtr 2023 was bound to be a good one given the carry over from 3rd Qtr but no change to year end target.
I am expecting the times to start looking good at end 3rd Qtr when the waste contract ends.
That doesn't have any detrimental effect on the dividend, its the management that decided that!
Promises all very well, its the delivery on them that's lacking!
Dividend is very poor, but the result is promising, hope this was not Horgan made
Inflation in Egypt is running at 35/38%; risk of currency devaluations?¿?
Hi Mr Henderson,
Just had a look at my emails, just as I thought really another divi cut, another softer quarter, what a surprise, just as Rebess suspected more excuses, the Cleopatra hill has always been problematic and likely always will, slightly softer at 25% of the annual target, that a good one, a quarter less !
I wonder just what decade Martin is planning to ever deliver, four years on many millions spent clearing Pardey crap and still its going to take a bit longer but never mind these things take time , like a thousand years at this rate.
Although they are consistent in cutting the divi, spending millions and making excuses that the good times are just a few more quarters on!
This report is pants!, ust excuses or a cover up of problems that will become apparent as the quarters roll by!
Fair enough, but if we arent getting a decent divi and we arent really getting capital growth, even against inflation, whats the point in holding them? Been so many crap years since the high in 2021
Hi m yes definitely more to it so I did ask him the question and he said, lower grade oxides at Cleopatra area and also development work related to the underground reducing tonnes/ounces so a combination of things. Slightly softer than 4th qtr 2024 and slightly lower than 25% of the annual target. Don't find that a surprise unless you know there is something more sinister!
Paul, sorry forgot to add even at 103 you are still in at a profit, so not all bad.
Paul, Thanks for your words and as I have just mentioned I did ask for clarification on the soft start to the year and Horgan did give some detail but this doesn't worry me because the reasoning is basically sound and following plan and helps to pave the way to the full year numbers. The good thing was that he was prepared to answer what was a pretty detailed question.
DASUT,
(1st qtr. will be a softer month due to mill work/maintenance !! )
to hide a lie, a thousand lies are needed.
I am just digesting the FY report and it strikes me that CEY has a busy year ahead!
Waste Strip completion - Mid ‘24
Doropo DFS - Mid ‘24
EDX exploration update - H2 ‘24
Solar field expansion study - H2 ‘24
Grid connection - H2 ‘24 / H1 ‘25
Reads like continuous progress on top of positioning to be a consistent deliverer of oz’s.
I sat through the presentation and to be honest nothing really new but certainly some excellent slides showing the how and why. 1st qtr will be a softer month due to mill work/maintenance but when I asked if this meant tonnes delivered also down Horgan said it will be a combination of factors lower grades as they remove oxides at Cleopatra and also some underground development. So don't expect anything special in April as far as production ounces but didn't touch on how this might be offset by gold sales at increased GP levels.
Worth a look/listen when it is posted on their web site.
Out again for a sweet 6%, I’m happy with that. Thank you gold and Centamin.
Hi Steve. I meant Dasut. He has worked in the business I believe. And he explains things very well. Enjoy your golf.
Not far off that 120 Ken
Thanks Paul- coffee before tee off time lol.
You did very well getting back in.
Good to see the market agreeing with my view of the RNS :-).
Laters.
I am pleased you are happy with the RNS and hope that you will be happier with the Q1 next month. You understand the business and your posts are always interesting to read.
I am not too happy with the dividend being reduced again and I hope the dividend will start to grow pretty quickly. After this one, the next will be September? -----------and it is a long wait after that to see ---and we are not getting any younger!
For me it is fingers crossed that the POG stays high (I'd be happy if it hovered at $2150 for the year) . IF it does, and the other things fall into place for Centamin, then a special dividend as a "Thank you. We appreciate all the crap you have put up with over the years" would be nice.
With a high gold price and lower AISC, they should be able to increase the dividend a bit and still have money to invest.
Did I see in the RNS that production is slightly weighted to H2?
On a slightly different note, I sold some at 99.5 on the 5th of March, hoping to get back in at a couple of pence lower. It didn't happen and I had to pay 103.5 :-( . Oh well.
What a crap dividend. Wont buy anymore.
From the full year results
"2023 DIVIDEND
Stakeholder, and specifically shareholder returns, are central to our Company strategy. We have built a ten-year track record of returning cash to shareholders, based on our policy linked to free cash flow generation before growth investment. Our dividend policy makes firm commitments on capital allocation, meaning shareholder interests are always at the centre of what we do.
Consistent with the Company's commitment to returning cash to shareholders, and recognising 2023 as the final full year of reset of Sukari, the Board proposes a 2023 final dividend, for the year ended 31 December 2023 of 2.0 US cents per share (circa.US$23 million), bringing the proposed total dividend for 2023 to 4 US cents per share (circa.US$46 million):
...
As announced on 9 January 2017, the update to the Company's dividend policy sets a minimum payout level relative to cash flow while considering the financial condition of, and outlook for, the Company. When determining the amount to be paid, the Board will take into consideration the underlying profitability of the Company and significant known or expected funding commitments. Specifically, the Board will aim to approve an annual dividend of at least 30% of the Company's net cash flow after sustaining capital costs and following the payment of profit share due to the government of Egypt."
No mention there of a change in policy. Of course they could change their mind in future.
PS off to golf now so anyone who is on the 08:30 call- would be grateful for any views.
Hi Sotolo,
This is also key, completion of fiscal drain item-
"This year capex at Sukari will be US$215m, plus US$91m of sustaining deferred stripping reclassified from operating costs. This includes the final phase of contracted waste-stripping programme which is expected to be completed during the middle of the year. Other investments include the grid power connection project, fleet expansion and underground expansion which will combine to support long-term production rates of around 500,000 ounces per year and improved margins."
Yes Steve miner divis are very cyclical but this normally means higher yield to reward for this. Theshare price is partly related to future divi expectations. I agree investing for future is necessary so we get a lower payout, but that will be reflected in the share price.. Cey paid out too much, now too little, a norm would be more like 50% between where we were and where we are, and with mine sorted out would hope we can recover to this. Combined with rising gold prices and ounces and lower costs that could double our price
Steve thoroughly agree no major surprises other than more positive than I thought it would be so steady as she goes, and sounds like the foundations are set and "consistent 500 thousand ounces at Sukari" is a positive. When I bought in there were no dividends so any dividends are a bonus.
I appreciate this Sotolo, but it would have been HIGHLY irresponsible to keep the divi high over the recent years based on the figures.
If you think the SP is low now it would have way lower has had they kept the divi higher- simply unsustainable -
For example you go getting a debt facility capability and at the same time dish out high divis when the cash pot was in the decline.
Would have been viewed by the market as bonkers.
Anyone relying on a miner as a safe bet for divis needs to take a serious look themselves- very high risk.