Member Info for Cowichan

Https://www.linkedin.com/posts/bebaegypt_beyond-cop27-unleashing-opportunities-activity-7069256970767147008-43BR

British Egyptian Business Association (BEBA)

BEBA Egypt’s 𝐒𝐞𝐜𝐭𝐨𝐫𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐢𝐬𝐬𝐢𝐨𝐧 𝐭𝐨 𝐭𝐡𝐞 𝐔𝐊

June14-16, 2023 offers opportunities to network with Egyptian Ministers, Officials as well as #UKbusinessleaders, to discuss #investmentopportunites.

𝐌𝐚𝐣𝐨𝐫 𝐓𝐨𝐩𝐢𝐜𝐬 𝐟𝐨𝐫 𝐃𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫𝐚𝐥 𝐉𝐮𝐧𝐞 𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:

- 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐯𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐆𝐫𝐞𝐞𝐧 𝐄𝐜𝐨𝐧𝐨𝐦𝐲

- 𝐃𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐬𝐚𝐭𝐢𝐨𝐧

- 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐓𝐫𝐚𝐣𝐞𝐜𝐭𝐨𝐫𝐢𝐞𝐬

- 𝐌𝐢𝐧𝐢𝐧𝐠 & 𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐡𝐞 𝐄𝐠𝐲𝐩𝐭𝐢𝐚𝐧 𝐍𝐮𝐛𝐢𝐚𝐧 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬

- 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐢𝐧 𝐃𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐬𝐚𝐭𝐢𝐨𝐧

___________________________________________________

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 about Beyond Cop27: Unleashing Opportunities

https://beba.org.eg/events/business-mission-to-the-uk-2023-broadening-horizons-boosting-trade-and-fdi-linkages/

𝑷𝒍𝒂𝒕𝒊𝒏𝒖𝒎 𝑺𝒑𝒐𝒏𝒔𝒐𝒓𝒔: bp, Centamin PLC, GV Developments

𝑮𝒐𝒍𝒅 𝑺𝒑𝒐𝒏𝒔𝒐𝒓𝐬: CIB Egypt and Neptune Energy

𝑺𝒊𝒍𝒗𝒆𝒓 𝑺𝒑𝒐𝒏𝒔𝒐𝒓: Capricorn Energy PLC

𝑪𝒐𝒎𝒎𝒖𝒏𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝑷𝒂𝒓𝒕𝒏𝒆𝒓: Egypt Oil & Gas

𝑲𝒏𝒐𝒘𝒍𝒆𝒅𝒈𝒆 𝑷𝒂𝒓𝒕𝒏𝒆𝒓: N Gage Consulting

------------------------------------>>>>

So, what is this sponsorship money for exactly? Thanks for asking

Basically EMRA Minister El Molla , Egypt Finance Minister Mohamed Maait, Egypt GAFI President Hossam Heiba & Deputy Governor Bank of Egypt Ramin Naga & others all fly to London on Centamin's penny ( I mean Centamin shareholder's pennies of which there are fewer and fewer these days) and schmooze up support at fancy hotels and bars.

The objective of the mission, is to promote investment opportunities, discuss incentives to attract FDI in Egypt across the following sectors; hydrogen, decarbonization, green economy/bonds, mining and financial services. During the mission, you will be able to explore potential international business opportunities through panel discussions, B2B, B2G, networking, dinners etc…

https://beba.org.eg/events/business-mission-to-the-uk-2023-broadening-horizons-boosting-trade-and-fdi-linkages/

Shareholder money well spent? You decide.

Now DASUT will say:

'actually, after I've had a look at the numbers , they are in fact reasonable...'

Well of course they are. Despite DASUT saying in his post just before he was going to 'shout from the soap box' if $100 million was legit.

DASUT

Financial auditing is done once a year by the outside auditors - not monthly or quarterly as you imagine.

Regardless, auditors won't question how much profit Centamin cares to pay a contractor, now would they??

I'm working off numbers I've been given and I'll do the math real simple for you to follow.

Capital works on a 'cost plus' method, which means.

$200 million 'cost' to Capital

+

$100 million 'profit' to Capital

=

$300 million Centamin eventually pays to Capital over 4 years

That's the upper end of the original $235 to $259 million estimate plus 16% inflation ($259,000,000 x 16%= 41,440,000 = $300 million)

And that's a MIMIMUM estimate for Capital's PROFIT as there is NO hard 'cap' in the contract. It is all subject to negotiation as you've read for yourself (if indeed you bothered to read it)

Anyways people are tired of our bickering clogging up their chat board and most don't seem to care what amount of hyper profit Centamin pays a contractor - yourself included.

Well said. Agree 100%

Cost control/management makes or breaks a project. Switching out dump truck bed liners and recycling mill crushing materials, etc. to save a few % is the name of the game and should be applauded as the cumulative effect of shaving costs here and there add up

So a 30% plus profit margin given away to a contractor for a straight forward waste moving project simply makes no sense & negates the whole effort to find such efficiencies - blowing years of profits made up until 2021

MAY 16, 2023

Unlocking the Potential of Egypt's Mining Sector Challenges and Recommendations

H.E. Eng. Tarek El Molla, EMRA Premises

"From a financial aspect, Saudi Arabia was able to set its gold royalties at 1.5% and phosphate at 4% while Egypt’s rates are nearly four times higher. Mining industry stakeholders are interested in reducing royalties in order to be able to generate more production and hence further investment. It was agreed that the act of royalties is the main challenge that faces the Mining industry in Egypt"

"Members have discussed that amending royalty rates are under the authority of the Local Development Ministry and Ministry of Finance. However, there is mutual interest between the Egyptian Company for Mining and Members of the Committee in reducing the royalties in order to be able to generate more production and hence further investment."

https://www.amcham.org.eg/events-activities/committees/46

---------------------

Coming to an agreement on the gold royalty rate is going on two years ( the time was supposed to be capped at 12 months ) Barrick & Centamin are reluctant to spend money drilling targets etc. before this gets settled - thus pushing back the timeline to begin exploration in earnest quarter after quarter...

what will be the final outcome? nobody can say -

So, civil input in your mind = accusing me of making up conspiracy theories?

Sir, that's about as civil as MrBond & Mizolgit's animosity filled rants towards me.

However, for those LTH's who simply want to understand what's going on at Centamin I will explain what DASUT's latest post has wrong.

This is the second time DASUT posted misleading figures concerning the waste moving contract which should raise the question if he's misleading on purpose.

Here are several extracts from Centamin's latest Q1 2023 report:

Rebuilds, underground transition and other sustaining capex $10mil

Sustaining element of waste stripping capitalised $15mil

Sustaining expenditure capitalised $26mil

Contract waste stripping capitalised $21mil

Note the first item of $10million - it references the underground transition. That actually occurred in February of 2022 which is 15 months ago. Yet, the expense is 'capitalized' in Q1 2023. Thus it's not when that $10 million was spent, it's simply for accounting purposes.

Similarly, the last item on the list referring to contract waste stripping doesn't mean the only monies spent during Q1 was $21 million - indeed - it is just a portion of the spend to date capitalized for accounting purposes in Q1 2023. And even that sets aside the question of sustaining vs non-sustaining which is separated as well.

It seems DASUT either doesn't understand how this accounting works or would rather everyone believe the waste contract is a great bargain and shareholders should just take his word for it.

Not to be rude but DASUT also indicated he didn't get an invitation to vote at the AGM - which if he didn't attend in person would typically be done electronically. How it's possible to own shares in a company and not know how to vote is beyond me.

If I wanted to be uncivilized I might say DASUT's continued posting of misleading cost per ton calculations is 'conspiracy theory' as well.

https://im-mining.com/2022/02/08/centamins-sukari-underground-gold-operation-transitioning-owner-operator-mining/

PS

For Centamin shareholder wanting to see the Capital contract (which admittedly doesn't share cost per unit of volume as it's subject to change) it can be found here:

https://www.capdrill.com/media/investors/Announcements/CAPD_Launch-Announcement-RNS_20201202_Final_Website.pdf

All the Q1 figures say is :

The gross capex in Q1 was US$53.8 million and after removing the impact of the waste mining accounting treatment, adjusted capex was US$48.9 million. The Q1 capex was lower than budgeted due to delayed timing of actual cash spend**, which are likely to be incurred in Q2.

The capex guidance for the year remains unchanged.

Q1 2023 (US$m)

Underground exploration $3mil

Underground mine development $8mil

Rebuilds, underground transition and other sustaining capex $10mil

Sustaining element of waste stripping capitalised $15mil

Sustaining expenditure capitalised $26mil

North dump leach, tailings storage facility 2 & underground paste fill plant $4mil

Contract waste stripping capitalised $21mil

Other non-sustaining capex $3mil

Non-sustaining expenditure capitalised $28mil

Total expenditure capitalised $54mil

Less:

Sustaining element of waste stripping capitalised $(5)mil*

Capitalised Right of Use Assets -

ADJUSTED CAPEX (after reclassification) 49

* Reclassified from operating expenditure, from 2021, the Company implemented a more granular methodology to the accounting and classification of waste-stripping costs, in line with IFRS accounting standards. As such, there is an accounting reclassification of open pit

waste mining costs, resulting in a reduction in total cash costs with a corresponding equal increase in the sustaining expenditure

----------------------------------->>>>

you'd have to ask management exactly what ** "delayed in timing of actual cash spend" means vs how much $ was simply accounted for as capitalized. Not all capitalization of waste stripping has been or will be approved by the EMRA (it is a sustaining vs non-sustaining question i.e. yet to be determined) , that's why the EMRA reached a penalty settlement with Centamin ( charged back tens of millions to be paid in installments ) in both 2021 and 2022 year end figures

bottom line: capitalized is an accounting term, subject to yearly limits, and therefore not necessarily representative of current payments month by month or quarter by quarter

https://www.centamin.com/media/2959/cey-rns_-1q23-quarterly_final_200323_website.pdf

Anyways DASUT, why so determined to downplay the cost of the waste stripping contract ?

You are attempting to paint it in the most favorable light at every turn - calling the contract typical and poo pooing the aspects that are clearly favorable to Capital? That's not expected actions of a Centamin shareholder looking out for his own best financial interest.

I take it you are the primary 'liker' of 007 posts - that is if you are not one and the same individual -

my advice to you, have a nap grandpa, and perhaps some stool softener, sounds like you're irritably plugged up

As far as fixed/capped fees vs rising inflation costs are concerned - this is the 'black box' where Centamin & Capital have built in a no-limit clause - thus it will be impossible for shareholders to get an exact cost per ton unless management in pressured to do so and so far Mr Horgan & our CFO play dumb (pretend not to know) when asked. In fact they do know as it's calculated monthly.

The question is why does Mr Horgan & CFO hide this from shareholders? Cuz it was a scam sweetheart deal from the start and they don't want to be called out.

(iii) rates for excavation, loading, hauling and dumping are incorporated into a pre-agreed price per bank cubic metre (“BCM”) which is multiplied by the quantity of BCM moved in the month. The number of BCMs moved in any given month will vary according to the mine plan being followed. These fees are subject to adjustment for any extra over or under haulage distances applicable, for variations to vertical or horizontal haul distances;

and finally, Mr Boyton's company can enjoy 'bonus bucks' for meeting targets. Sadly Centamin shareholders are not privy to the targets or the incentive payments.

And just to dot the i's and cross the t's - I'm not opposed to incentive pay, but since Centamin obviously pays Capital the bonus, who's to say that 'tip' for good work makes it's way to the Egyptian driver or loader? Scam. Top to bottom.

(iv) incentive payments for satisfactorily meeting or exceeding key safety and production targets;

And for those who erroneously believe the comments made by certain share chat posters that "cross border leasing/financing" was uncommon and/or prohibitive for Centamin to undertake - the truth is Centamin was ready to buy the equipment themselves should Capital not have arranged lease/finance terms. In fact Centamin placed themselves UNDER CONTRACT to do just that:

2.3 Under the terms of the Early Works MOU, if the Sukari Contract does not become unconditional on or before 31 December 2020 (or such later date as the parties may agree) then Sukari Gold Mines may, at its election within 10 business days of 31 December 2020, purchase outright and/or take over the purchase or leasing arrangements (as applicable) of all or any part of Capital Egypt’s equipment, major components, spares, tyres and inventory required purchased or leased for the purposes of the Sukari Contract (but excluding any drilling related assets). Upon exercise of such option, Sukari Gold Mines must pay to Capital Egypt the balance of any amounts already committed to by Capital Egypt for such equipment, including deposits and the outstanding payments, plus any direct, outstanding and committed costs associated with the hiring and or severance of key personnel involved in the activities covered by the Early Works MOU, plus any direct, outstanding and committed costs associated with the design and construction of any facilities installed at the Sukari gold mine and less the US$5million prepayment paid to Capital Egypt under the Early Works MOU.

Capital Egypt will take all steps reasonably necessary to assist Sukari Gold Mines to continue to take timeous and orderly delivery of such equipment and goods and take assignment and transfer of all related rights and obligations, including seller warranties, representations and undertakings in respect of same, to the extent reasonably possible.

Now the question becomes, why did Mr Horgan bend over backwards to facilitate Capital's enrichment? And at such high rates for Capital to finance (7.5%) ? $50 million worth of haul trucks/dozers was a drop in the bucket of Centamin's bank account at the time. ( $50m for the waste moving & $14m for the amended drilling contract )

DASUT , you're in luck - there's no need for you to search or 'ask friends in the business' (imagine a Centamin shareholder relying on and being satisfied with such transparency!)

no where in the waste moving contract does it limit or cap the total spend - indeed it's a fluid contract with inflation clauses on top of it all (although it is cancellable with 60 days notice and certain stipulations attached)

---------------------->>>

"Collectively, the Sukari Contract and the Amended Sukari Drilling Contract are expected to deliver incremental revenues of US$235 – 260 million based on Sukari’s mine plan at the point of tender submission."

and again here:

"Overall, the value of the Sukari Contract and the Amended Sukari Drilling Contract is anticipated to be between US$235m to US$260m. This revenue estimate is based on Centamin’s current expected mine plan, which may be subject to change, and with reference to the fee mechanics set out in the Sukari Contract."

Time to vote at the AGM

also,

"The Company's issued share capital eligible to be voted at the AGM was 1,158,432,695 ordinary shares and approximately 67% of the Company's issued share capital were voted at the AGM."

that means approx. 33% of shares were NOT CAST either for or against -

thus a typical vote will ONLY APPEAR to have resounding support as hundreds of millions of shares ( 375,000,000+ ) didn't cast a ballot :

Ordinary Resolution 1 - Adopt the annual accounts, strategic and governance reports and auditor's report on the accounts

FOR 770,079,292 ( 99.35% of CAST ballots)

AGAINST 5,029,561 ( 0.65% of CAST ballots)

WITHHELD 9,321,704

I betcha 007 didn't even know that

so judging by the lack of knowledge he (and let's face it, many others) possess , shareholders like him are content to blindly defend their investment decisions despite a company's failure to deliver time and time again ( in layman's terms it's called being a bonehead )

bottom line : don't be a bonehead & read the fine print

https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=4298967&lang=en-GB&companycode=au-cey&v=

Also, in anticipation of the Doropo PFS release - some current reading material

"The choice to smuggle gold into a particular country depends on several factors but is often linked to the nationality of the MO and/or his financier. For example, it was generally observed that if the mine operator (MO) is Malian, the gold will often be exported to Mali via the Zégouago border post (north of Korhogo). If the MO is Burkinabé, the gold will be sent to Burkina Faso via Doropo"

apparently 75kg of gold a month leaves thru Doropo's northern border with Burkina (see page 29 of this latest report:

https://eai1.wpenginepowered.com/wp-content/uploads/2021/03/R4P-ASGM-ENG-PRINT.pdf

some other interesting facts about Cote D'Ivoire's artisanal (mostly illegal)mining scene :

- Illegal ASGM production in the Côte d’Ivoire is estimated to be between 30 and 40 tons annually, representing a loss of approximately $1.6 billion in untaxed revenue. If officially declared, this sum would equate to nearly 9 percent of the total value of Ivoirian exports of goods and services (2021). Current illegal ASGM gold production nearly matches the level of industrial mining, or 41.8 tons (2021).

- At the time of this study, one gram of illegal gold at the point of extraction garners between FCFA15,000 ($24.50) and FCFA22,000 ($36) at a fixed grade of 22 carats. Most Ivoirian artisanal gold is undeclared and, therefore, untaxed, before being smuggled by traffickers

- The government’s enforcement of the ban of unregistered illegal ASG mining frustrates mining communities and operators, driving a need for greater security and secrecy around high-production sites. In cases where ASG miners are allowed to work, they complain about a

kickback system where State agents impose illegal fees and taxes.

- In March 2023, after the drafting of the report, a restitution and validation workshop took place at the National Border Commission with representatives from various government

bodies, including ministries and the National Security Council

- Most miners are also from Burkina Faso or Mali. They claim they are attracted to ASGM in Côte d’Ivoire because working conditions are better and the gold is better quality than in

their home countries. In Mali and Burkina Faso, for example, pits can reach depths of up to 100 meters while in Côte d’Ivoire, pits are usually around 15 meters.

lots of other details (crime, addiction, abuse) in the complete report - use link above

Bottom Line: given the risks - it could be prudent for Centamin to diversify in a jurisdiction like Canada, Australia or USA and just sell Doropo

For all your talk of hating conjecture and supposition you sure do a lot of it yourself directed at me

thus I labelled you a hypocrite in previous posts , in truth you are that and more

I think we agree. At least about the lack of substance shared during the AGM.

Centamin has wasted too much time for too little results. We've given Mr Horgan & his geriatric crew a decent honeymoon period - now where is the diversification ? Or at least a plan. Is reaching 500k for a couple years then allow production to decline really all they've got?

It pains me to admit that Endeavour has run circles around Centamin in the few short years since its failed attempt at a merger. They have diversification and many irons in the fire. But back to Centamin - what is next - will Mr Horgan flit off in a year or two and tout his success in 'turning around' Centamin's misfortunes as he takes the reigns of another company ?

I presume you were being humorous when suggesting my efforts on this board are to suppress Centamin's share price. Even 007 is correct when downplaying the effect PI's hope to have in swaying a company's management or alter a shares trajectory.

So why do I still post? Personally, it irks me to think MrHorgan and the BOD can continue to string along LTH's who've wasted many a year expecting growth to materialize. It's immoral.

007

wetting oneself is no laughing matter

please make sure you've got your depends on at all times

The Summary I Heard:

ABC Project - grades are low, don't imagine we'll develop it unless 1.5g grades found

EGX is a shot in the dark - IF anything is found expect 5+ years to exploit

Doropo Project is not priced into share - don't expect much

Sukari Underground is reaching it's lower limits - too expensive and technical to get much deeper & don't expect new discoveries here to add much like in previous 2 years (talks as if the 2 previous years included a major discovery...)

Sukari open pit is 80% of production - but it's constrained and expansion is maxed out and grade is low

-------------------->>>

after listening I thought, what the hhell? No actionable plan for growth - just ranting on about how Centamin is saving the planet with the big solar farm we bought, pat ourselves on the back yet again speech

so, it sounds like a winding down of operations is happening - why the hhell invest in a giant solar plant that now belongs to the EMRA ? time to put some capital to work outside Egypt , where is the diversification ? no talk of cancelling the court case - not even a question about it

so then, what is the difference between hummingbird's BOD and Centamin's ? Oh I know , Centamin's lot gets paid more , and spends more

Https://www.linkedin.com/in/sayed-elabnody-77322323b/

Stay tuned for an important event in Egypt next week

Wait for us next week, God willing, in a very important event in Egypt. Alone

photo shows government minister? overlooking the desert, presumably near Sukari - several of the comments refer to gold mining - maybe an announcement regarding electrification ?

note Sayed's profile picture includes Centamin CEO Mr Horgan - must be a fan

https://www.linkedin.com/feed/update/urn:li:activity:7067124385089732608/

The Company has received irrevocable undertakings from each of the Directors and certain of the senior management of the Group who have an interest in Common Shares and certain other shareholders, representing in aggregate 59,812,031 Common Shares, representing 43.7 per cent. of the company’s issued common share capital to vote in favour of all Resolutions to be proposed at the General Meeting.

DIRECTORS’ INTENDED PARTICIPATION IN THE PLACING AND RELATED PARTY TRANSACTIONS

Each of the following Directors has advised the Company that he intends to subscribe for Placing Shares:

- Jamie Boyton, Executive Chairman

- David Abery, Non-Executive Director

- Michael Rawlinson, Non-Executive Director

- Alexander Davidson, Non-Executive Director

Mr Boyton is a substantial shareholder of the Company and his intended subscription for Placing Shares will constitute a smaller related party transaction for the purposes of Listing Rule 11.1.10R. Any participation by Mr Boyton in the Placing will be on the same terms (including as to price) as all of the other investors in the Placing.

Under the terms of the Relationship Agreement between the Company and its Founder Shareholders, including Mr Boyton, each Founder Shareholder is required to abstain (and procure that his connected persons abstain) from voting at any general meeting of the Company on any resolution concerning any transaction, agreement or arrangement

between him (or any of his connected persons) and any member of the Group. As Mr Boyton intends to participate in the Placing, this undertaking would prevent Mr Boyton from voting on the Resolutions to approve the Placing

The Company may vary a provision of the Relationship Agreement if the decision to grant such variation is taken by the Company’s independent non-executive directors, being David Abery, Alexander Davidson and Michael Rawlinson. Such independent non-executive directors have agreed to grant a waiver of this restriction in the Relationship Agreement to

allow Jamie Boyton and his connected persons to vote on the Resolutions. The waiver constitutes a smaller related party transaction for the purpose of Listing Rule 11.1.10

The Independent Directors (being each of the Directors other than Jamie Boyton) who have been so advised by Berenberg, consider the terms of Mr Boyton’s intended participation in the Placing and the waiver of the Relationship Agreement to enable Mr Boyton and his connected persons to vote on the Resolutions, each as described above, to be fair and reasonable as far as Shareholders are concerned. In providing its advice to the Independent Directors, Berenberg has taken into account the Independent Directors’ commercial assessment of Mr Boyton’s intended participation in the Placing and the waiver of the Relationship Agreement

------------------------------ >>>>

Note the waiver granted to Capital Drillings largest shareholder Mr Boyton

It was a scam from the start, Mr Horgan steering

DASUT

Stick to the facts

You don't know $2.00 per ton is the amount so please quit quoting it as gospel

a simple division of the initial estimate puts the figure at $2.16 for 120Mt BUT the contract has a clause for Centamin to cover the costs of inflation, etc. so therefore the final cost per ton WILL be far higher - but the point is contract work is more expensive by the amount of return Capital was comfortable making - which turns out to be >30% profit - profit that should have stayed with Centamin shareholders

and for the record I placed MrBond as the accomplice/ignoramus of Mr Horgan as it clearly states in my last post - nobody here calling him out for his constant attacks on me - why am I not surprised - investing in Centamin requires a modem of self-blindness and hypocrisy I'm no longer willing to indulge