Member Info for bobliz35

Might explain denial that 900 mm of rain would not adversely affect production at END flagship mine and why I was anxious to know whether CEY due diligence was to include mine visits. MMMMM

Bob

Cowichan
I believe in 2016-2017 Centamin made big news out of their undertaking a feasibility study on a solar energy plant. I cannot think of a location which would be able to generate a more serious contribution to a sustainable energy source than the Sukari region of Egypt. . Would provide a perfect synergy with your electric Muckahi underground system and dramatically reduce AISC.
I presume you will be putting your thought processes to the Centamin Board and if so what progress on the solar plant exercise.

Bob

Can any one advise as to whether the due diligence /discovery team will mine visit or whether the exercise is purely a paper one.
I will enquire from Buchanan or the Centamin Board if not known.
Bob

Hi El Prof
Thankyou for your kind remarks. When the focus of attention was Centamin and performance then I felt I could offer very far less than yourself, Tibbs , Cowichan Dasut, Sotolo, Tiger by the tail Dasult and of course that lovely caring chap Siko . (sadly lacking his thoughts at this time) Happy to digest sound ,honest opinion. However, with Endeavour in the frame I have tried to bring that dimension to this board. Many thoughts go through my mind eg Bank Mandate levels and crystallisation date, does the Royalty element hold a senior debt position , and others but hope due diligence by the Centamin team will burrow down into these details.

Will Centamin Board make an announcement with justification as to why on the 15th plus further info on AISC and forward projections. Fascinating

Bob

Do any more expert contributors to this board detect a note of desperation in Endeavours attempts to manipulate the market
They are not in a position to make a cash approach and indeed may be leaching their slim resources in pursuing their opportunistic approach. made far less likely by yesterdays announcement into the market place re 4th quarters figures and forward looking prospects.
May of course be wishful thinking on my part.

Bob

Indeed Mr Bond RNS from Numis this am (broker to Endeavour UK) I f I am interpreting correctly took a bath yesterday to close an open position.

Blackrock as far as I can determine still hold 12.7% of Centamin and Van Eyck some 10.3% although I believe Van Eyck hold on an algorithmic undertaking for their gold fund . Others here will know better than I .
As indicated by more expert knowledge here AISC could severely affect where this is all going.At least CEY didnt have to cope with about a metre of rain last quarter.
Bob

Thanks Tibbs for your well informed comment .

Bob

Thanks Tibbs for your well informed comment .

Bob

Hi Tibbs

Totally agree your comments . Invested in CEY since a map on the wall awaiting the crusher plant from South America at 33p and topped up over many years so that CEY represent at least 75% of my portfolio at this time. I have taken heart through the difficult times from the informed opinions here (good and bad) The base of my opinion is quite simple , gold in the ground does not deteriorate , rust , age and get surpassed by new models and technology improvements, it has been a standard of value since before ancient Egypt civilisation. As a shareholder I have bought and exercise with esteemed others here the right to ask the B.O.D as to current ,past or future performance criteria. All my received dividends have been converted back into additional CEY shares which I regard as a true measure of support rather than ad hoc dipping in and out at convenient times. At least 65-70% of wholesale investors day trading under CFD lose money!!!!
Good luck all , might be an interesting day.
Bob

Hi Cowichan, Tibbs

Have received a reply from Chris Judd of Buchanan re the queries I sent mirroring Cowichans concerns.

Usual disclaimer but as stated all info in the public domain I am happy to post here after researching the reports stated.

However as Cowichan has his finger on the pulse of this one happy to defer to his better analysis and avoid repetition if you and others have had a reply no doubt as mine

Bob

Rebess
Entirely concur., and all in an amiable ,equitable and courteous manner. Long may it continue.

Bob

I became interested in the RNS showing La Mancha Holdings based in Luxembourg having 29.9% of Endeavour shares.
Came up with the following
La Mancha is a privately held international gold company with investments in Endeavour Mining and Evolution Mining, having operations in West Africa (Mali, Burkina Faso and Côte d’Ivoire) and Australia, respectively. La Mancha was taken private in 2012 by the Sawiris family. Under the Sawiris family ownership, since 2012, La Mancha has expanded its exposure to mining operations in Africa and Australia, and with this investment in Golden Star, is invested in three mining companies with total production exceeding 1.8 million gold equivalent ounces per annum. Mrs. Yousriya Loza-Sawiris owns all of the issued and outstanding shares of Marchmont Limited, the holding company of La Mancha Holding S.à r.l. Mrs. Loza-Sawiris is the mother of Mr. Naguib Sawiris, Chairman of the Advisory Board of La Mancha Holding S.à r.l. For more information, please visit www.lamancha.com.

Marchmont Ltd is based in the Cayman Islands

Bob

Hi Tibbs

Very encouraging insight from the " man off the train" Hasnt been far wrong in the past. If there is the slightest hint from the due diligence exercise currently in progress by Centamin (much encouraged by Dasuts confidence by those involved for Centamin) and a positive confirmation of 490k + for year on the 15th then game over. Substantial drop in END price and upwards consolidation for Centamin. Fairy land dreaming but reverse takeover then feasible especially as Centamin will have a strong handle on END financials and work in progress. Have followed Cowichan request to contact Centamin Board re Burkia Faso study updates long long overdue but considerable synergy with END in these locations no doubt. Just wonder what obstacles are or will be put in the way of Centamin to delay their completion of the due diligence by the 14th and a further request for another extension. Wouldnt bet against it.

Bob

Has any body on this board information on who is conducting due diligence on behalf of Centamin on Endeavour???

Thanks
Bob

Hi Tibbs

Yes unfortunately moral or ethical values are in very short supply in the market . However reputation by association and the likelihood of litigation at later date does concentrate minds wonderfully. Not that the small private investor could initiate the cost of such action but if larger Institutions are on the downside of nefarious dealing then they undoubtedly could and would even via proxy action (not unknown) Be very interesting to determine who instigated the action in France against Endeavour CEO. Someone who lost out big probably.
Be interesting to watch Level 2 trading on the 14th . Of course those trades bigger than NMS will be held over till market close . Fascinating stuff.
Bob

Hi Dasut
I like you have been somewhat askance as to the validity of Endeavours financial position so decided to have a closer look at the current judicial enquiry into Sébastien de Montessus President of Endeavour
Corruption charges against former head of French energy conglomerate Areva in regards to a corporate acquisition have also revealed potential illicit payments made to a Namibian mining company and the country’s president.

areva
One of French energy firm Areva's offices. (Source: Janericloebe, CC BY 3.0)
Sebastian de Montessus was charged in late March along with three other company employees for allegedly overvaluing the 2007 sale of the Canadian mining company UraNim to conceal its falling market value among other shady dealings in Central Africa, according to a report by the AFP, released Saturday.

The charges list embezzlement, bribery of foreign officials, and breach of trust for the group’s conduct in the transaction and related projects in Namibia, South Africa, and the Central African Republic.

The focus of the court is on two contracts in which Areva disbursed almost US$6.9 million in 2009 and 2010 in favor of the Namibian mining group United Africa Group (UAG).

Prosecutors are also seeking answers for monthly payments of USD$10,000 in 2008 and 2009 to current Namibian President Hage Geingob while he was the Minister of Commerce and Industry.

Sébastien de Montessus also allegedly received a transfer of 750,000 euros for facilitating the sale of a luxury yacht.

This is not the first scandal Areva has been implicated in. In March, the company agreed to pay US$554million to a Finnish nuclear company for cost overruns and delays in the construction of a reactor.

I have no idea as to the current situation with regards to the Judicial Investigation in France but I am hopeful that the M&A authority and last but not least the Centamin board will not wish to be within a country mile or associated with this approach by Endeavour.
All information above in the public domain and my own private investor opinion.
Bob

Thank you Gnome, Dasut for your informed advice . I am particularly intrigued with the way END treat their Royalty commitment to Franco-Nevada and Sandstorm and the effect on actual AISC . Forgive my ignorance but am I thinking correctly that the forward financing via Royalty commitments effectively may be considered as an Off balance sheet event and forms an off balance sheet forward and ongoing debt commitment.

Always amazed at the experience and expertise of the contributors to this board. Most enlightening.

Bob

Dasut

Your sage advice appreciated . Much encouraged that you feel Centamin will have on their radar under disclosure /due diligence arrangements. If END can maintain near production ounces with 900 mm of rain (4 times average ) then perhaps an injection of their management into Centamin would be no bad thing. Not below 150 of course.

Bob

Hi goldnome.
Many thanks for your insight and advice, much appreciated and adding to my less than adequate education in these matters.
I suppose I have been searching for what if any off balance sheet liabilities END may have under the carpet. Would be interesting to know what financial contractual arrangement END have with Franco- Nevada and Sandstor

Both Companies have an impressive record and now listed on NYSE.

Bob

Hi Dasut,
Very many thanks for your experienced asessment as to my less than expert analysis of END financials and especially their Quarter 3 report. Would I be correct that in underground mine planning and implementation in a notably wet climate pump resource would be at or about the 200% level and that 400% would lead to extensive flooding and production halt at most levels. In that END guidance for the full year is 650,000 . To that end I append below the figures and explanation from their qtr 3 report.
Q Production and AISC 3-2019 vs Q2-2019 INSIGHTS
› Severe rainy season mitigated by utilization of
lower-grade stockpiles and mining the highergrade Bouéré deposit, resulting in throughput
and average grade milled remaining stable,
resulting in slight production decrease.
› Average grade milled remained stable despite
low-grade stockpiles utilized to supplement
plant feed due to the scheduled mining of
higher-grade ore.
› AISC increased mainly due to the scheduled
increase in sustaining waste capitalization,
slightly higher mining unit costs and royalty
costs, which were partially offset by lower
G&A unit costs.
OUTLOOK
› On track to meet lower-end of 2019
production guidance of 230-250koz and
expected to finish above AISC guidance of
$720-790/oz due to higher royalty costs and
the slower than planned ramp-up of the highgrade Bouéré deposit due to impact of the
severe rainy season in Q3-2019.
In that your explanation advised re utilising the rainy day resource I presume this would be a one off. and In that the Burkina Faso Hounde mine represent at circa 228000 ozs eg approx 60000 ozs reqired in the 4th quarter to meet the bottom end of guidance what a recovery operation that would be.!!!

I am emailing Centamin asking that in any due diligence that a visit to the Hounde mine to view operational conditions be of paramount importance to measure END full year performance.

The END report says that the "lady doth protest too much"to me.

Bob

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