The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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"Strong balance sheet with no debt, no hedging and cash and liquid assets of US$312.1 million, as at 30 June 2021, after US$34.5 million dividend distribution on 15 June 2021" People are fixated on the daily price of gold - but look at out cash and liquid assets. That's a years coverage of mining cost, if the gold price was temporarily unfavourable, CEY don't have to sell it, and can hoard it for up to a year waiting for a more favourable price. Other miners have debt to serve, and have to sell whatever the price to serve the debt. CEY does not - what a great place to be.
All seems good..
19 licenses with up to date taxation agreement.
The share price should bottom out from here.
Great update, why the sp is this low is madness
Very exciting news bellow tucked away in the RNS:
Recently agreed exploration license terms for a total 3,164km2 land package in Egypt's Arabian Nubian Shield subject to final legal formalities expected to be completed in Q3
Sotolo, you were interested in other people's view. I think the results are great. Everything as expected and good solid performance, and absolutely nothing to be concerned about. I think you have an agenda that is looking for negativity and you wish to promote that at every opportunity. Read the results again from an impartial view, you may feel a lot happier. Oh, and please do not respond with a negative rant: I wondered if you genuinely wanted to hear another person's view or were baiting someone to respond so you can spread more doom and gloom by elaborating an depressive narrative as to why my views of a good positive performance must be wrong.
They are certainly clearing up the previous problems of the past. Came over as very competent managed operation resolving lots of issues and quickly managing and resolving new ones that emerge.
“Centamin has delivered another solid operational performance and we remain on track to meet full year cost and production guidance. During the quarter, excellent progress was made with the Sukari waste-stripping programme which has significantly outperformed budget and resulted in record material mined“
Can only mean new thing in this mad market. Shares price will drop
Not a bad set of results given all the predicted doom placed on the bulletin boards by short entities, looks like the floor is in, let the upside begin !
Yes Razor, the news on concessions (wonder where, and if contiguous with Sukari) and slightly better aisc than expected and ounces, could as said help us to look forward to 2023 more happily despite the very low profit this year.
Well at least we haven’t made a loss, gaining a miserly $7m cash in the quarter, but partly because some capex shifted to Q2 “ 2021 capex guidance maintained: US$225 million, with a 65% spend in H2 (previously 55%) due to timing adjustments to the payment schedule”. But at least performing slightly better our lousy targets for this year so hopefully market will cheer up and look forward to 2023. Looking forward to others’ views
“ Centamin submitted bids for several prospective exploration blocks in September 2020. In July 2021, Centamin agreed exploration terms over three blocks (incorporating 19 licenses) covering 3,164 km2, subject to final legal formalities which are expected to be completed in Q3. All ground in the Bid Round comes under the new Egyptian mining code following a tax, rent, royalty framework. New licenses are independent from, and therefore do not impact, the Sukari Gold Mine Concession Agreement (Egyptian Law 222 of 1994).”
Shares on major European markets rose during premarket trading on Thursday as traders kept an eye on corporate earnings and awaited the European Central Bank's (ECB) latest monetary policy update along with President Christine Lagarde's press conference afterward.
Earlier this month, the ECB announced its revised inflation target, revealing it will now aim for a 2% inflation target over the medium term. Aside from the bank's new inflation target, Lagarde is expected to comment on rising inflation and the Delta variant's possible impact on economic recovery in the euro area.
The DAX gained 0.33% at 8:00 am CET, while the CAC 40 climbed 0.41%. Meanwhile, the FTSE 100 was up 0.24% in London.
Breaking the News / JC
Gold is not up but down, from around £1500 a year ago to around £1300 now, with costs up from around £900 to £1000 that means profit per ounce down from £600 to £300 on the fewer ounces mined - all rough figures, but it is pounds that count for our share price. However I think today is a production report not the more useful interim results which should come in a couple of weeks, and hopefully ounces and costs won’t be quite as bad as expected today, and the forecast will look better next month, and above all shares begin to look forward to 2023. For me the big question remains whether the market has priced in and is ready for the very bad results and whether marginally better than expected, and market looking forward will actually give us a lift
Mr Bond,
I’m with you in that I have fingers and toes crossed for something good to finally come from CEY as I have a very substantial holding here.
We want production upwards of 104k oz would be good.
Yes Somnamna , don't worry to much, if possible.
The price of a 1toz Gold Britannia start at $1891 at the moment , so profits for CEY are likely enhanced even with the problems we have at mine.
You and me both Mr Bond. In far deeper than is prudent.
Luckily the dividend is a life saver.
Good divi too. I see this as a very good income provider, and at this price will provide growth. In fact one for the big fund managers to fall back on where/when other Companies fail. Lets not lose sight of that!
Bond
May not be of interest to you but having made good money from the last 3 market crashes in the past I see a similar’smell’ about the current market valuation. Only difference now is the emergence of the ‘Bitcoin currency’
I see your previous posts are full of research and informative content.
PM companies now should be outperforming the market but they are not, Why is the billion dollar question.
My view is they will and timing is everything. In fact PMP will do better in this cycle than the last 4 market corrections.
Just trying to draw out some thoughts of experienced investors who are not just here to play a few chips at the Casino table.
Good luck tomorrow, especially the LTH’s
Thanks for your informative post.
Very not interesting.
:-)
Apologies not any CEY shares as I have only be watching here as the market is overpriced. AIMHO of course
Sold the majority of my shares yesterday and today. Not happy with the US market rebound and the valuation given the 5h1tsh0w position we all find ourselves in at the moment with the pandemic. Even sceptical analysts expected it to be under control by now but instead we have increasing variants.
Historically PM producers should be outperforming the wider markets. Something not quite right.
Not sure if we are in the midst of a ‘bull trap’ but I’m the past I have turned to PM producers but feel like I have to sit on cash.
Hopefully good news for holders here on the back of a strong close ‘across the pond’
OUTLOOK UNCHANGED
· 2021 gold production of 400,000 to 430,000 oz, at cash costs of US$800-900/oz produced and AISC of US$1,150- 1,250/oz sold
From final results
Is it correct that the AISC is 800-900 oz?
Yes looking forward to tomorrow ,no matter what.
The MMs can shake the tree as much as they wish.
This monkey is chained to it.
Hopefully saving all the news for tomorrow! GLA all. Not a bad close.