Member Info for Cowichan

Yep! On the Wadi Jundi claim block. Now visiting Sukari and nearby Centamin exploration ground for next couple of days

https://twitter.com/geigercounting/status/1625014494765400066

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

I'm not sure why MJG Capital is allowed to stop by Sukari (it's not currently in their investment portfolio or tenure - CEYs market cap is too big ) but they are whilst also visiting Elemental Altus' Egypt properties (it is one of their current investments) Some notes from their latest investor letter:

Included below are the milestones expected from Elemental Altus and its counterparties over the course of 2023. Additional royalty acquisitions should not be ruled out, given the financial heft of La Mancha – ELE’s largest shareholder at 34% ownership.
- “Full production from royalty area” at Bonikro Gold Project by end Q2 2023
- Monetize Diba and Lakanfla in Mali + retain royalty by end Q2 2023
- Drilling and/or corporate activity at 100%-owned ground in Egypt by end 2023

So much for B2Gold making a play for Sukari!

And given the cost to develop the Back River mine in Nunavut can't see B2Gold spending much effort (or $$$) to explore their concessions in Egypt.

Perhaps waiting 18months (and counting!) for the EMRA to reach a conclusion on exploitation terms was a sign Egypt isn't the place to invest shareholder capital.

Feb 7, 2023

TORONTO listed B2Gold is looking for new takeover targets and expects to do a deal fairly soon, said the firm’s CEO Clive Johnson

“There’s lot of opportunities for us to do friendly takeovers as we have done all along in our history. Let’s watch this space for the next three months or so,” he said in an interview with Miningmx on the sidelines of the Mining Indaba conference.

Johnson said he was “excited” about “a few potential opportunities” such as single asset companies that investors are unconvinced will be able to finance their projects on “reasonable terms”, especially in an inflationary environment, he said.

https://www.miningmx.com/news/gold/52052-b2gold-ceo-says-firm-is-close-to-next-deal-after-targeting-single-asset-companies/

Note: Only B2Gold & Barrick have Egyptian concessions (among the majors that is)

Disclaimer : a supposition statement

007
please also point out every time another LSE comment is made where somebody predicts the price of gold up or down, the strength of Centamin's share price rising or falling and basically every other financial comment that can be made - as mere supposition - see how well that is received. Best, Q

007
and you talk about me aggravating you? Why do I need to quantify my posts - are you the LSE monitor? Nonetheless I mention Endeavour because they had been interested in purchasing Centamin and Mr Montessus is calling for additional M&A activity during the African Mining Indaba on now. And since La Mancha is still a large shareholder perhaps they will take another run at Centamin - they were obviously not put off by the EMRA's involvement for their first attempt so little worry that would be an issue now. Yours truly, Q

Morgan Carroll - Executive VP Corporate Finance/General Counsel sells $ 2,200,000 or 69% of his holdings

That in addition to CEO Sébastien de Montessus selling $ 4,066,500 on 11 November 2022

Not a good look - especially as rumors circulate that it was Russia's Wagner Group mercenaries that carried out the execution style killings in Burkina Faso during a convoy transport en route to an Endeavour mine.

Mr Montessus commented on the involvement of Wagner inside Burkina Faso on the sidelines of the African Mining Indaba, saying "For the current president of Burkina Faso, that is today not part of the plan."

So then, who hired the security?

Tim Donnelly https://www.linkedin.com/in/timdonnelly69/

Apparently he now works for Artemis Gold - see page 4 here:
https://www.artemisgoldinc.com/news/media-releases/artemis-gold-announces-senior-management-changes

If so it would seem Centamin's previous COO Jeremy Langford (who left with the arrival of Mr Horgan in April 2020) would have recruited Mr Donnelly in the last several weeks (or days!)

For those who don't know Mr Langford is Artemis Gold's COO (he was hired in Q1 2021)

I'm all for recruiting local Egyptian talent and 'retiring' expats but only if the expertise is in place (i.e. a suitable replacement was mentored well in advance)

I'm finding more & more Barrick Egypt employee posts these days (which add up to about twenty or so Barrick Egypt geologists I currently count as LinkedIn contacts) these being the most recent

https://www.linkedin.com/in/bishoy-awad-ab492b209/
https://www.linkedin.com/in/emamahm89/
https://www.linkedin.com/in/wael-mostafa-8a0629129/

Of course not all have Centamin roots (maybe 25%) but certainly indicates Barrick is fully operational in Egypt and pressing forward towards a goal. IMO part of that goal will be to take over Sukari while it's undervalued and geologically underexplored

Speculation aside lots of good posts on the LSE today that pass without comment. Perhaps the most balance I've seen of optimism vs alertness. Although some prefer everyone who posts only post on the positive and move on from past mistakes - there are plenty of future issues that are anything but positive. I see the risks being:

1) Doropo will not be profitable (read viable with current grades/volumes) as the estimate to build was far too low (and the new management knew it whilst continuing to publish outdated estimates)

2) Waste removal of the Sukari north hill is not fully accounted for in future AISC projections (and the new management know it) therefore costs will remain elevated even when the current Capital project is complete in late 2024/early 2025

3) The EMRA has yet to decide on the exploitation terms despite 18 months of negotiation. The process was originally given a 12 month deadline. Perhaps they are waiting for new owners of Sukari?

4) Centamin's dividend will shrink or be eliminated while debt is incurred to fund exploration, expansion, rising costs, falling gold price, etc.

These future risks represent a compelling reason for Centamin's BOD to welcome a buyout. A larger company with deeper pockets can ameliorate such risks for Centamin shareholders. Is that positive for current shareholders?

Most who've commented in the past say they prefer Centamin grow on their own steam - but is that even a possibility without preexisting diversification , lower AISC (bigger profit margins) or even the professional team capable of making it happen ?

- Bid at 21% premium to pre-announcement share price
- Newcrest seen as vulnerable given leadership change

https://www.reuters.com/markets/deals/australian-gold-miner-newcrest-gets-169-bln-buyout-offer-newmont-corp-2023-02-05/

------------------------------------------------->>>>
Desperate for replacement ounces the gold industry chooses cannibalism over exploration. But it cannot last...

I agree Tibbs - hopefully this latest tragedy isn't swept under the rug

007
you know exactly what I'm talking about - your investment in Avocet bit you in the behind big time when they dissolved - and that after the management wouldn't answer questions or explain the real situation on the ground

- kinda like Centamin, but go ahead and voice your enthusiasm to buy more, double down

A human rights NGO in Burkina Faso has accused the army of killing at least 25 civilians, including a woman and a baby, in the east of the country this week, according to a statement carried by AFP on Friday.

Neither the army nor the Burkinabe government reacted initially to these accusations. The east of Burkina Faso is one of the regions most affected by the violence of jihadist groups, fought by the army and its auxiliaries.

On Wednesday evening (1 February), "the Collective against Impunity and Stigmatisation of Communities (CISC) was seized by several relatives of victims" reporting "allegations of summary executions of civilians attributed to the Burkinabe Defence and Security Forces (FDS) in the localities of Piega, Sakoani and Kankangou", said a CISC statement received by AFP on Friday.

The executions took place as a convoy of "more than a hundred vehicles" left Wednesday for the Boungou gold mine, "escorted by dozens of 4x4 pick-up vehicles carrying several FDS in military uniforms", in these three localities along the National Road 4 (RN4), according to the CISC.

Twelve deaths (including three women and a baby) were reported in the village of Sakoani, about 125 km from Fada N'Gourma, the capital of the eastern region, seven (including four women) in the village of Piega, 60 km from Fada N'Gourma, and six in the hamlet of Kankangou in the territory of the village of Sampiéri, according to CISC.

Inhabitants of Sakoani contacted by AFP testified to the discovery of "eleven bodies" without life after the passage of the convoy.

"The death toll continues to rise as the information reaches us from the field," the ICSC said.

https://www.africanews.com/2023/02/03/burkina-faso-ngo-accuses-army-of-killing-at-least-25-civilians/

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

My Thoughts:
How long can Endeavour's share price avoid getting clobbered by these deaths? And now it's the army/security forces who are the ones alleged to be responsible! If this massacre can be attributed directly to Endeavour security (either thru contract workers or what have you) what will be their liability ? Terrible situation.

007

There was a time you spoke quite vociferously against the poor management and lack of accountability of Avocet Mining PLC

And so you should have - if only to warn other investors of the dangers - even though it seems you lost money in Avocet by not heading the warning signs in advance

now you seek hard proof from your fellow Centamin investors why they are less than enthusiastic

but the red flags with Centamin are numerous - and shared ad nauseum by myself - but you are willing to accept them

Of course this recent fall in Centamin's share price is solely due to the falling POG - but is it any less irresponsible to voice high conviction while operational red flags are present?

Avocet Mining's failure is my hard proof that exiting a position based on management's failure to be forthcoming is better than blind faith in a CEO based on hope

https://www.linkedin.com/posts/yasmin-ahmed-425485175_%D8%A8%D8%A7%D9%84%D8%AE%D8%B1%D8%A7%D8%A6%D8%B7-%D8%A7%D9%84%D8%AF%D8%B3%D8%AA%D9%88%D8%B1-%D8%AA%D9%86%D9%81%D8%B1%D8%AF-%D8%A8%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-activity-7026496564424519680-YbCp

shalateen company is going to announce the launch of the new bidround for 5 blocks which known of their heavy gold potential (Atud,barramyiah,um ud,hangaliah ,hamatah and fatteri). STAY TUNED!
#mining #investinegypt #goldmining #goldnews

https://www.linkedin.com/posts/sayed-elabnody-77322323b_%D8%A8%D8%A7%D9%84%D8%AE%D8%B1%D8%A7%D8%A6%D8%B7-%D8%A7%D9%84%D8%AF%D8%B3%D8%AA%D9%88%D8%B1-%D8%AA%D9%86%D9%81%D8%B1%D8%AF-%D8%A8%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D9%85%D8%B2%D8%A7%D9%8A%D8%AF%D8%A9-activity-7026497094261616640-26li/

Posted 13h ago

Egypt is preparing, during the next few weeks, to officially announce the launch of a global bid for the richest areas for gold in the world in Marsa Alam and Edfu in the Eastern Desert.

The bid is put forward by the Shalateen Company on behalf of the Mineral Resources Authority, as it holds the concession for 5 of the richest regions in the world in geological formations that bear gold ore, with rates that may reach more than 20 grams per ton, which represents about 15 times the proportions of gold in quartz veins Sugar [Suakri] mine.

Al-Dustour obtained maps and details of the international bidding that will be launched soon for the richest regions for gold in Egypt, especially after the Mineral Resources Authority and the Shalatin Company obtained all security and environmental approvals, and it also finished setting all the conditions that would attract major international companies to enter the bid.
Bidding, the most important of which is participation rates and the financial and technical ability of companies wishing to enter the bidding, provided that these companies have precedents in research, exploration and gold production, whether in Egypt or in foreign countries.

The maps obtained by “Al-Dustour” indicate the number of 5 regions in the Eastern Desert and Marsa Alam, including areas:

maps images via link : https://www.dostor.org/4299643

Major international companies have also expressed their willingness to enter into the new bidding, which will be launched soon, with a profit-sharing system, given the importance of these areas for the presence of gold in large proportions, based on the geological research that was carried out in the region through the missions of the Mineral Resources Auth.

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

Note: Atud (177km2) & Hangalia / Umm Ud (529km2) are the concessions adjacent to the new Sukari concessions

007 - what happened to you in life that you are so bitter ? i pity you more than anything and wish you recover

wise words 007 - but I share actual company information so that current shareholders can
a) get out
b) gain confidence while remaining invested

I agree we probably cannot make a poor CEO exceptional - but the point of highlighting when the company does or doesn't do as it indicates during the past year - is to educate shareholders on the pitfalls or possibilities going forward

if the 2022 exploration spend wasn't made it's a good indication other spends are open to failure/change - like meeting 2023 production guidance and/or AISC forecasts

if you want to opine on King Canute why not join a historic book club chat group instead ?

2022
US $25million ; Doropo Pre-Feasibility Study $7million ; Doropo Definitive Feasibility Study $8million ; ABC Project $4million ; Eastern Desert Blocks $3million ; Batie West License & Admin $3million

https://www.centamin.com/media/2477/centamin-investor-presentation-jan2022.pdf pg 26

vs

2023

Exploration spend is budgeted at US$30 million, including US$23 million for the pre-development study work on the Doropo Project ; ( leaving $7 million split between Eastern Desert & ABC presumably )

Questions to ask: 1) was the 2022 Doropo budget not spent ? How did the year pass without it being spent ?

Given the exploration spending for 2023 at Doropo is for the same items as 2022 and the fact the Doropo permit containing the primary resource had expired in June 2022 ( see PR- 334 Granted 06-12-2013 Expired 06-11-2022 ) https://portals.landfolio.com/CoteDIvoire/en/

One must assume the 2022 spend was halted pending permit renewal approval .

Or are they are going to spend twice/double on the same items ?

https://www.kitco.com/news/2023-01-25/Gold-to-be-hardest-hit-commodity-in-massive-crash-bear-market-in-early-stages-Harry-Dent.html

"Gold is not a safe haven," he maintained. "I'm predicting that gold goes down to $900 to $1,000. That will be a lot less than other commodities… that is still a 40 to 45 percent fall from here."

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

What's this upside-down topsy-turvy world in which we are living?

when you can't refute the facts one must resort to labels like 'clowns'

none is more disappointed to be uninvested in Egypt than I

I wish every Centamin holder does not lose on their investment , thus I've asked the questions others hadn't - if that makes me a hand waving clown , so be it - but at least the intention was to protect Centamin shareholders from losing sight of the red flags and holding management to task - no good deed goes unpunished , best to all

Just not via Centamin (nor Endeavour for that matter)

But at least Endeavour has been honest in their forecasts and communication with their shareholders. Take their Lafigué Project now under construction in Cote d'Ivoire. Today's press release states:

Construction of the Lafigué project on the Fetekro property in Côte d'Ivoire was launched in early Q4-2022. The project will have a 4Mtpa capacity CIL plant, with an annual average production of 203koz at a low AISC of $871/oz over its initial 12.8 year mine life. First gold production is scheduled for Q3-2024. Capital expenditure for the project is approximately $448 million. Average head grade of 1.69g/t Au over LOM

Compare that with Doropo's PEA that was stupidly copied and pasted from the Batie West PEA of 2012

Processing rates are estimated as 4Mtpa for fresh, semi-refractory ore requiring flotation with intensive concentrate treatment and 4.5 Mtpa of blended oxide / transition free milling ore to produce 1.96 Moz over an operating life of 13 years with average gold production of 208 koz/annum for the first 5 years. The initial capital cost, inclusive of working capital and contingency is estimated to be US$ M275 (based on a like project) with AISC of US$ 904/oz average target head grade of 1.30 g/t Au over LOM

That's almost a $ 200 million discrepancy for a near identical project

But of course the Doropo PFS is only delayed because of 'metallurgical fine tuning' (according to Mr Horgan) not because its cost metrics are based on fallacy

Oh, and Endeavour only began exploration drilling on Lafigué in 2018 , so much for it 'taking longer' in West Africa because 'that's just the way it is'...

https://www.endeavourmining.com/media/news/endeavour-achieves-top-end-fy-2022-guidance-announces-h2-2022-dividend-100m