Member Info for Cowichan

Eldorado gold production down 25% over last quarter due to a host of unforeseen problems
yet states full year guidance remains unchanged - good luck with that

Barrick gold production also down 20% over last quarter but says it was as expected

Eldorado shares are up today while Barrick is down - hard to explain that dynamic

I posted this today on LinkedIn:

The Shalateen Mineral Resources Company was granted the gold mining concession immediately south and adjacent to Centamin PLC 's #Sukari mine in #Egypt. Hopefully The Egyptian Mineral Resources Authority can expedite expansion of gold production around Sukari by prioritizing Centamin's existing infrastructure and expertise to the mutual benefit of all parties - creating jobs and advancement opportunities for local mining industry professionals. Hassan Reda Dr. Mahmoud El-Moghazy Tarek Sedki, MSc, PhD, mMBA, MAusIMM Mostafa Khalid Mahmoud Ibrahim Mahmoud Salem Ismail Mohamed Moustafa AbdlRazik Magdy Mohamed Rashad Sayed Gomaa "AAusIMM" Asmaa Nadeem Ahmed I. Salem

https://www.linkedin.com/posts/don-lawson-98619370_sukari-egypt-activity-6920088380462493696-qtv4?

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Remember when the concessions mysteriously disappeared from the EMRA's online map a few days before the end of Egypt's last bid round? So now we know it was removed to be given to Shalateen without contest. And we also know special laws were just ratified by president Sisi to facilitate their exploitation.

What we don't know is who the EMRA and Shalateen has in mind with which to partner. God forbid it be Sawiris's Altus Strategies or its subsidiaries.

I for one would like to ensure Centamin gets first dibs on any such partnership - for the reasons stated above.

March 30, 2022

*Aton is pleased to be in close contact with many of the majors who have already or are looking to enter the Egyptian exploration sector.

**We are also very confident that @MOPEgypt and EMRA will be taking note of the concerns of the industry, with regards to the terms of exploration concessions, both old and new, and particularly with the mechanism for transferring from the exploration phase to #mining, which was so clearly flagged up as a critical risk in Egypt during #EIMS2022

https://twitter.com/AtonResources/status/1509141942705307652

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My Thoughts:

* in reference to 'many of the majors' - is that just hype or are they really in close contact with more than the few we know about?

** Clearly Aton prefers to migrate to the new terms in advance of developing its Hamama resource — and that despite Mr Horgan's recent comments stating the new tax/royalty vs old profit share terms are 'as similar' as to be negligible

The central bank of Egypt bought 44 tonnes of gold in February. Up 54% from January - the biggest jump in decades.

https://twitter.com/KrishanGopaul/status/1513552211426566147

Centamin will start using renewable energy at Sukari with the commissioning of a 36 MW solar plant planned early in the third quarter, says CEO Martin Horgan.

https://twitter.com/TheAfricaReport/status/1513538110365351939

2014 A$42.8 million or A$0.168 per share; representing a 124% premium to Ampella’s closing price on ASX on 6 December 2013 - to purchase Batie West ( including their concessions in Cote D'Ivoire )

2015 : $30 million spent on exploration (The drilling fleet comprises 5 multipurpose reverse circulation/diamond (RC/DD) rigs, 2 aircore (AC) rigs and 3 auger rigs. During 2015 there were 118,758m of RC, 8,510m of diamond, 86,514m of Aircore and 52,380m of Auger drilled)

2016 : $30 million spent on exploration (same fleet , similar stats - Wadaradoo & Napelapara were discovered)

2017 : $10 million spent on exploration ( focus moved across the border to Cote D'Ivoire where double the drilling occurred at Doropo $20 million - it was foreseen as a district scale development )

2018 : less than $10 million spent on exploration ( of a total $20 total West Africa spend )

Those early years alone add up to over $100 million spent acquiring/drilling out the Burkina Faso resource -

Forfeiting all this time/money and effort is a gross dereliction of director's duties - only an incompetent board would omit the option of selling to reinvest in Egypt - or as DASUT says a safer West African jurisdiction like Cote D'Ivoire or Ghana

CENTAMIN ANNUAL INFORMATION FORM
for the Financial Year Ended 31 December 2014
31 March 2014

Metallurgy
Ampella have completed a metallurgical program at Konkera as part of their PFS study program that was on going at the time of this report. Composite diamond core metallurgical samples from the three main prospects of Konkera Main/East, Konkera North and the Kouglaga area were tested at ALS-Ammtec in Perth and HRL-Testing Laboratories in Brisbane.

The testwork indicates that the Konkera Main, East, North and Kougala oxide and transitional mineralisation and the Kouglaga fresh mineralisation is amenable to treatment using conventional gravity and CIL leaching with a modest grind size of P80 of 106 m. Indicative recoveries range from (88% to 98%) for these deposits and mineralisation type. They also have recorded gravity recoverable components of greater than 30%.

Testwork suggests that the Konkera Main, East and North sulphide mineralisation would require treatment involving sulphide float, regrind of the concentrates to 8/10 micron and then cyanidisation.

Recoveries from these deposits and mineralisation types using this processing route vary from 71% to 91%.

Sotolo -

You're okay with Centamin buying Endeavour which now have roughly 60% of their gold production in Burkina Faso

But at the same time you want Centamin to EXIT their vanity projects in West Africa

Just where do you think Burkina Faso is located ?

If you have nearly a million shares in Centamin you ought to be glad there are people willing to hold the BOD to account no matter where the exploration dollars are spent

Allowing concession after concession containing proven multi-million ounce gold resources to forfeit back to the state in West Africa is not a mistake or oversight Endeavour's board would permit - in that they definitely have Centamin's BODs beat

It's time to point that out - and change it

The bottom line - exploration dollars can just as easily be wasted in Egypt as in West Africa - the Cleopatra decline and the HiSeis 2D seismic survey being two good examples

Hi Cooperman,
At first glance it doesn't look like the Kefi project would meet Centamin's IRR hurdle — whereas the Tietto project has an over 50% IRR at $1300 gold

Trying Tibbs! My latest attempt here:

https://www.linkedin.com/posts/don-lawson-98619370_egyptian-gold-miner-centamin-considers-debt-activity-6918224927737225216-zJU3?

The problem is we want Centamin to grow (I think?) and get out of the one asset risk category - but how can we trust the BOD not to squander more capital on exploration dead-ends?

It is entirely unacceptable to not apprise the market of the latest Batie West happenings - if it has been relinquished as was Napelapara and Wadaradoo - then say it

The dereliction of duties has got to stop - it's to the point of criminality - when material details are hidden from view then brushed under the carpet never to be admitted of spoken of again

It's a shame Mr Horgan has to be the voice for these 'potatoes' sitting on the board when it really isn't his fault - but past decisions and years of mismanagement must be addressed asap - so if the IR dept is reading this - disclose what happened to Batie West - before you go and spend hundreds of millions in borrowed funds

Rebess,
Had a look to see who Centamin might have an eye to acquire - somebody already operational or soon to be operational in Cote D'Ivoire would seem a good bet.

Tietto Minerals is currently setting up their processing plant - expecting first gold production in Q4 2022

Interestingly Paul Kitto is on Tietto's board ( former CEO of Ampella 2008-2014 until Centamin bought them and their Batie West deposit! )

$500 (Aussie) million market cap - the latest presentation here:

https://wcsecure.weblink.com.au/pdf/TIE/02504400.pdf

If acquired Centamin would also pick up a tried and true West African mine builder in Matt Wilcox (current COO) if he stayed - which wouldn't be a bad thing going forward with Doropo needing to be built soonish

https://www.linkedin.com/in/matthew-wilcox-2a731624/recent-activity/

Also, Tietto has quite a few concessions in Cote D'Ivoire - they talk about exploration plans in this video from last November https://youtu.be/Q86Bqya58p8

Could be a good way to diversify in a hurry ?

In an interview with @TheAfricaReport our CEO Martin Horgan discusses how maintaining financial flexibility is key to achieving Centamin’s growth strategy. #CEY $CEY #growth #strategy #gold #mining

https://twitter.com/CentaminPlc/status/1512392528267460610

Posted on Friday, 8 April 2022 06:00
Egyptian gold-miner Centamin considers debt facilities for acquisitions, says CEO

Centamin, which operates Egypt’s only gold mine, is reviewing its capital structure with a view to creating flexibility for possible acquisitions, CEO Martin Horgan tells The Africa Report.

Setting up credit facilities would allow Centamin to take an “opportunistic” approach to buying assets, Horgan says. The company would be able to bid with a combination of unused debt and shares if a target became available. “It’s far quicker if you have the banking relationships” already in place....

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My Thoughts
The IR person taking over for Alex is keen to increase the # of social media posts - that's great.

However, the Annual Report mentioned the preference of management to 'communicate' with shareholders via 'trusted 3rd parties' - that's not so great IMO

What is the point of signaling intentions thru backdoor channels? New IR person - if you're reading this - shareholders want more direct accountability from the BOD - not another layer of shielding or more avenues of conjecture

David Payne, commercial executive, has benefited from the company’s recent performance and the share price movement. He sold half a million shares at 96p a share on 25 March, which came shortly after he offloaded 1mn shares on 22 March at 95p a pop. This means that he has sold £1.4mn-worth of shares in recent weeks.

https://www.investorschronicle.co.uk/news/2022/04/07/capital-exec-cuts-stake-as-shares-rise/

The agreement enumerated the importance of the draft law, foremost of which is the control of indiscriminate exploration (civil mining) for gold ore and the accompanying minerals, explaining that the full funding of research and exploitation expenses falls on the shoulders of the Shalateen Company without the government or the authority bearing any expenses or costs. (1) Government participation in production from the start of the first production to be achieved.

The parliamentary report indicates that the government receives (2) a royalty of 5% of the total production before deducting the value of the recovery costs, pointing to the establishment of the Shalateen Company, a factory or factories to produce gold, either by itself or in partnership with other international companies or companies operating in Egypt in the mining sector.

The report noted the commitment of Shalateen Company to market mineral ores in the local and international market and to complete all sales on the best terms that can be obtained in accordance with the prevailing market conditions at the time of sale, and (3) the transfer of ownership of fixed and movable assets automatically from Shalateen Company to the Mineral Resources Authority when the company has recovered the cost of these assets in full or upon the expiration of this Agreement.

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My Thoughts:
(1) Unlike the Centamin agreement - benefits to gov't from start of production
(2) A royalty of 5% is pretty dang low - how can the EMRA justify anything more from its ongoing negotiations with Barrick, B2 and Centamin ?
(3) 'transfer of ownership of assets after cost recovery' This is like the Sukari arrangement only with less 'profit share' - so Shalateen (and any mining company that partners with it) will have an advantage over the new terms offered to the last concession bidders Barrick, B2, centamin, etc. in that cost recovery will be allowed AND at a much reduced 'profit share'

https://pigthumbs.com/amp/africa-news/egypt-news/parliamentary-committee-the-gold-industry-has-become-active-in-egypt-thanks-to-the-attractive-mining-climate/

Sounds like everything is up for negotiations with the Egyptian government - one only has to be willing to ask - fairly confident our current BOD's are NOT up to the task - but maybe Mr Horgan is - we'll see

Al-Sisi ratifies seven laws allowing Petroleum Ministry to search for gold in Eastern Desert

President Abdel Fattah Al-Sisi ratified seven laws allowing the Ministry of Petroleum and Mineral Resources to contract with the Egyptian General Authority for Mineral Resources as well as Shalateen Mineral Resources Company to search for and exploit gold and associated minerals in the Eastern Desert.

This includes research and exploitation of these minerals in the area of ??Jabal Iqat, Jabal Al-Jarf, Jabal Masih, Jabal Elba, the Aswan region of the Eastern Desert, as well as the Hamata, Atoud, and Wadi Allaqi regions.

The laws were published in the Official Gazette on Wednesday.

The presidential ratification came days after the House of Representatives — headed by Speaker of the House Hanafy Al-Gebaly — approved a number of laws allowing the Petroleum Ministry to research and exploit gold and minerals.

It is worth noting that the Jabal Iqat mining area is a promising area in terms of of natural resource deposits, the most important of which is gold.

The ministry asserted that Egypt has a minimum reserve estimated at more than 1m ounces of gold, with total investments exceeding $1bn.

https://www.linkedin.com/posts/petroleumtodaymagazine_al-sisi-ratifies-seven-laws-allowing-petroleum-activity-6917753297089032192-vPZv?utm_source=linkedin_share&utm_medium=member_desktop_web

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My Thoughts:
1) Why was it necessary to create new laws?
2) I thought the new mining code was a done deal - intending to draw new foreign investment - why would the EMRA need to partner with the Ministry of Petroleum?
3)Who would finance? The Ministry of Petroleum never self-finances - always has a foreign partner.
4) If Siko is reading this perhaps some insights?
5) I thought the EMRA was taking a backseat in future gold projects i.e. not needing to 50/50 partner with new explorations and developments - this seems to be a step backwards.
6) As far as Shalateen goes - do these new laws make it more attractive to the likes of Sawiris/La Mancha?

April 2022
I’m happy to share that I’m starting a new position as UG Mobile Fleet Maintenance Planner at Centamin PLC!

https://www.linkedin.com/in/jacobus-richard-thorne-70378666/

That makes TWELVE former Barrick employees now working at Sukari...

Here's another golden flipflop story I recently added to my *speculative* tenbagger holdings - obviously do your own research - but a video to get the curious started

https://goldinvest.de/videos/video/930-omai-gold-mines-guyana-ist-zu-einem-hotspot-der-goldexploration-geworden

https://money.tmx.com/en/quote/OMG

Sotolo -->> you keep reminding people there was a mine wall collapse - there wasn't

in actual fact the company reported 'movement was detected' in the open pit - nothing more

"During 2021 emphasis was also placed on fully exploring the Sukari concession and a 10km drill programme was devised focusing on six targets within the concession area and results are expected back in Q1 2022." from page 23 of Annual Report

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My Thoughts
It would be good for Mr Horgan to reinstitute regular drilling updates - which have been missing on some quarterly reports lately

Give long term shareholders some reasons to remain positive - include the greater Sukari drilling results with Q1 results later this month !

Hi DASUT,
Unfortunately I think you're right -
Reading further in the 2021 report I came across this
"a review of corporate options in respect of Batie West has been ongoing since mid-2021, albeit this has been somewhat frustrated by the recent changes in Burkina Faso's political environment" (page 12)

So the board has a perfect scapegoat in the recent political upheaval - but why they waited until the last moment to look into the matter indicates they are not first rate material.

Endeavour is operating in BF as if nothing has changed - as is a dozen other miners - why Centamin is incapable of acting until it's too late is beyond me - some of the board members really, really need too go away as they are dragging the company down into the dirt on many levels.