Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Sorry Langford that posted accidentally as I was doing it. So despite increased ounces and gold price up nearly $200 and aisc down nearly $180 giving an extra $370 approx an ounce, and on more ounces, cash has remained the same year on year presumably with the heavy Capex that was supposed to be through by now?
ounces aisc gold price revenue cash
2023 450k $1,220 $1,983 $892m $153m
2022 440k $1,399 $1,794 $788m $156m
2021 415k $1,211 $1,797 $733m $257m
2020 452k $1,060 $1,766 $828m $310m
Yes indeed Langford. looking a bit further
ounces x1000 aisc gold price revenue millions cash millions
2023 450 $1,220 $1,983 $892 $153
2022 440 $1,399 $1,794 $788 $156
2021 415 $1,211 $1,797 $733 $257
2020 452 $1,060 $1,766 $828 $310
Reading the production side is positive but the 2024 Capex is still large which will impact the cash generation for 2024 - something that is not disclosed in the release - gold price as always is key here
Great RNS and spot on Henderson, all looking good for H1.
SteveJones999
Thank you , The best is yet to come.
Bit of a muted reaction so far (but the day is young), high price so far of 93.25, would expect this to go higher- esp as FTSE and gold stopped sliding for now.
Imagine if the results had been bad!
We get 47.5%. The dividend policy is to give a lower share of profits than under Pardy but that is already baked in to our much reduced dividend so with considerably higher profits the dividend should rise, looking forward to Finals. Bought a tiny few more at 92.8 as market really doesn’t seem to get it unless I am missing something. I need a harder look comparing all inc cash to last year
I don't really understand all the stuff in the RNS------but if I am reading it right, for the year the average price pf the gold sold was $1948 and the average AISC was $1220. So that was $728 profit per ounce?
If that is correct, how does that work out after profit share--------and what would the expected dividends be?
I think the "steady as she goes" approach is showing in the predicted 50/50 H1 and H2 ounces mined for the coming year. A more balanced approach gives a bit more confidence than always having to play "catch up" in H2.
Bought a few more at 93.1p a bargain
Phew it has been a long wait. Finally decent AISC, decent ounces and decent forward guidance. On these figures and Cey historic PE our share price is well undervalued. Very much looking forward to the market reaction at the finals, and hopefully starting today. Also a dividend recovery.
The quality of the results have exceeded my expectations and give confidence that the company going forward can achieve materially better profitability.
Well done Henderson, 3bear and Martin Horgan & his team. After a bad Q3 they managed to pull it back.
Good all round. Now looking very cheap
Https://www.lsegissuerservices.com/spark/Centamin/events/7e02f555-5752-4816-ad8a-cc6070561d9b
Webcast link 08:30
450,000 ounces hit.
https://www.londonstockexchange.com/news-article/CEY/quarterly-report/16293731
Excellent report.
M Henderson- you were correct for the second time :-).
Quick headline scan looking good!
New Sukari Life of Mine Plan completed: the plan delivers increased gold production, lower operational costs, reduced operational risk and significantly reduced carbon emissions. Link to full announcement here
· Group Proven & Probable ("P&P") Mineral Reserves increased by 3.5 million ounces ("Moz") since 2020, before depletion, and exceeding the Company's stated multi-year target of 3.0Moz. This growth has been driven by an increase in Sukari reserves by approximately 1.6Moz and declaration of maiden reserves at Doropo of 1.9Moz. Link to full announcement here
· Robust balance sheet: cash and liquid assets of US$153 million, as at 31 December 2023 and total liquidity of US$303 million including the undrawn US$150 million sustainability-linked revolving credit facility
· The Company will publish its audited full year 2023 financial results on 21 March 2024.
OUTLOOK
2024 guides to a year of higher production at lower costs
· Gold production guidance range of 470,000 to 500,000 oz per annum weighted evenly between H1:H2 (50:50)
· Cost guidance:
o Cash cost guidance range of US$700-850/oz produced, and
o AISC guidance range of US$1,200-1,350/oz sold
o Guidance reflects a range of diesel prices from 75-90 US cents per litre https://www.lse.co.uk/rns/CEY/quarterly-report-uxnt8mbysiy2pt5.html
For the three months ended 31 December 2023 (unaudited)
MARTIN HORGAN, CEO, commented: "In 2023, Centamin delivered another excellent performance, underpinned by our improved safety results. We have extended our track record of meeting production guidance to a third year and importantly through our culture of continuous improvement we have beaten our AISC guidance for 2023.
We look forward to 2024, guiding for another increase in annual gold production. Combined with our disciplined approach to managing operating costs, Centamin is extremely well-positioned to benefit from the current strong gold price environment, as we complete our capex reinvestment programme and connect Sukari to the Egyptian national grid.
Our strategic focus remains on growth as we continue to define and convert resources to reserves at Sukari, build on our recent exploration success at EDX and progress towards a financial investment decision at Doropo in Cote d'Ivoire.
I would like to thank the whole team for their ongoing hard work and dedication to deliver this outcome, and to our broader stakeholders for their support as we position Centamin for 2024 and beyond."
HIGHLIGHTS
2023 production guidance delivered
· Achieved 9.5 million hours worked at the Sukari Gold Mine ("Sukari") with zero lost time injuries ("LTI"). The Group recorded zero LTIs in the fourth quarter ("Q4") across all assets and one LTI for the twelve months ended 31 December 2023 ("FY"). The Group's total recordable injury rate ("TRIFR") for Q4 was 0.97 per one million hours worked, representing 67% improvement compared to Q4 2022 ("YoY")
· Annual gold production delivered in line with 2023 guidance (450-480koz): Q4 production of 128,127 ounces ("oz"), totalling 450,058 oz produced for 2023
· Annual revenue of US$892 million: Q4 revenue of US$265 million, generated from gold sales of 133,465 oz at an average realised gold price of US$1,983/oz sold; FY23 revenue of US$892 million, generated from gold sales of 456,625 oz at an average realised gold price of US$1,948/oz sold
· Annual cash costs delivered at the lower half of the 2023 guidance range (US$840-990/oz): Q4 cash costs of US$984/oz produced, resulting in an average annual cash cost of US$895/oz produced for 2023
· Annual all-in sustaining costs ("AISC") beat 2023 guidance (US$1,250-1,400/oz sold): Q4 AISC of US$1,172/oz sold, resulting in an average annual AISC of US$1,220/oz for 2023, beating the bottom end of guidance by US$30/oz
· Annual capital expenditure ("capex") of US$204 million below guidance of US$272 million: Q4 spend of US$36 million, impacted by savings from lower diesel prices, lower than expected capitalisation of operating costs, deferral of the grid power project deposit payment to Q1 2024 and changes to the equipment rebuild schedule
*Cont.
Europe's major stock markets are set to open higher on Thursday as market participants closely follow the World Economic Forum in Davos, Switzerland.
Yesterday, several European central bankers in Davos sharply criticized interest rate cuts and warned that, despite progress in the fight against inflation, markets have gotten ahead of expectations for rate cuts in the spring.
The DAX gained 0.32% at 8:01 am CET, while the CAC 40 added 0.29%, and the FTSE 100 rose 0.11%. The pan-European Euro Stoxx 50 went up 0.42%. The euro and the British pound improved by 0.22% and 0.12% against the dollar at 7:59 am CET, selling for $1.09054 and $1.27001 at the same time.
Baha Breaking News (BBN) / JG
Happy numbers day y’al
May the report be well received by the market and may the shares rise considerably.
Bol to you all.
Gold currently $2012.69
“Gold miners are historically undervalued relative to gold, a trend likely to reverse and overshoot during the forthcoming secular gold bull market,” the analysts said. “Gold miners are also historically undervalued compared to the S&P 500, presenting a unique and attractive entry point.”
2024 will catalyse a substantial upswing in gold prices for the foreseeable future,” the analysts said in the report!
With higher gold prices driving margins, the analysts noted that mining companies have healthy balance sheets. In the current environment, AuAg expects smaller and mid-cap producers to outperform the mega-cap companies.
http://tinyurl.com/2cvtv55x
(Alliance News) - Chancellor Jeremy Hunt will tell political and business leaders at the World Economic Forum that the UK is "on the up and open for business the chancellor will use his visit to champion the UK's ambition to be a science and technology superpower and pitch that the country is ripe for investment from the international business community.
https://www.lse.co.uk/news/uk-is-on-the-up-and-open-for-business-hunt-to-tell-davos-summit-o7ri548fi8d2xot.html
The green trade row dividing the Davos elite
16 January 2023
https://www.bbc.co.uk/news/business-64296229
10 things you didn't know about Davos World Economic Forum (WEF)
https://www.bbc.co.uk/news/business-46895332
40% of Physical gold at Comex goes on its departure travel to Hong Kong.
And of course their Election sherard.
Well Razors Edge ,for the US market to put importance on Christmas December sales figures is nothing more than a smoke screen.
The busiesies month of the year for even poorer homes ,trying to celebrate the season witn presents and food.
Januaries figures will show a huge drop in retailing. The US and the Fed doing what they think is correct,to maintain confidence in their precious dollar,and of course maintain the confidence in the worlds trading currency. The truth is they are Bankrupt. Buying Gold as paper promises , maybe because they remember the 1930s confiscations.