Member Info for Cowichan

Batie West Project, Burkina Faso - portfolio rationalization, exiting Burkina Faso due to internal hurdle rates and license tenure

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Above is a quote from Centamin's 2021 Annual Report - it's the first documentation that I've seen where Centamin admits? or refers to the license tenure expiring.

Wonder if this means there will be no asset sale/recoupment of costs at Batie West too?

If so another dereliction of duties by our BOD costing shareholders hundreds of millions in wasted expenses and forfeited gold resources

page 7 here
https://www.centamin.com/media/2529/cent-ar21-full-web-secure.pdf

https://www.linkedin.com/feed/update/urn:li:ugcPost:6916998179066363904?commentUrn=urn%3Ali%3Acomment%3A%28ugcPost%3A6916998179066363904%2C6917144103130464256%29

CAIRO - 30 March 2022: Minister of Petroleum and Mineral Resource Tarek el Molla on Tuesday discussed in a meeting with Peter Steenkamp, Chairman of South Africa's largest mining company, Harmony Gold, the investment opportunities available in mining and gold exploration, in light of the company's strong desire to invest in Egypt.

Harmony Gold Company is seeking to expand its business portfolio outside South Africa and Australia and is willing to invest in gold exploration in Egypt, Steenkamp said.

Harmony chairman praised the major transformation in Egypt's mining field, in light of the attractive investment climate provided through the recent amendments to the mineral wealth act.

https://www.egypttoday.com/Article/3/114361/South-Africa-s-largest-mining-company-eyes-investing-in-Egypt

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My Thoughts:
South Africa has been such a pain-in-butt country to try and run a business this last decade with legacy mines, labor unrest, power outages, water shortages and general disarray - Egypt would seem a walk-in-the-park...

We’re delighted to welcome Perseus Mining Limited for 3rd Egypt International Mining Show - Virtual Connect 2022.

https://www.linkedin.com/posts/egypt-international-mining-show_miningevent-miningindustry-miningexpo-activity-6913726416077398016-nYBi?

Note: Perseus has two operational gold mines in Cote D'Ivoire - and four of its top 10 shareholders are also top ten shareholders of Centamin

One thing Mr Horgan pointed out during the investor meet was that the Doropo project can be expedited by completing the Definitive Feasibility Study (DFS) concurrently with things like engineering work and advance procurement - this is the first time I've heard him entertain a ratcheting up of the timeline - although he did make it clear no corners were going to be cut for the sake of shaving 6 or 12 months off a 'first-pour' date

Cote D'Ivoire Gold Mining Stats

- 2021 gold production 41.85 tonnes (up 10% year-on-year)
- gold mining currently 3% of GDP
- on track to increase to 6% of GDP by 2025 ( 65 tonnes )

https://www.linkedin.com/posts/mineinsiders_c%C3%B4te-divoire-le-gouvernement-mise-sur-activity-6913558080911753216-zvWr?

Meet the industry leaders re-shaping the Future of #Mining in Egypt.

Presenting our amazing speaker line-up for the 3rd Egypt International Mining Show 2022 - going live in 3 days !

Promo slide here:

https://www.linkedin.com/posts/egypt-international-mining-show_mining-eims2022-miningexpo-activity-6913050679234183168-Ec-U?

Our newish country manager Amr Hassouna will also present.

Two of my four submitted questions were addressed.

1) The HiSeis 2D survey was apparently a proof of concept - the zones of mineralization meant to confirm what they already knew was present (to the extent they knew - how they knew - and why these zones aren't included in current resource presentations remains a mystery)

But if we take this answer at face value it would seem the original HiSeis undertaking was purely superfluous -which lines up well with the board's historical record of approving projects that lack oversight, planning and ultimately execution.

2) Mr Horgan did not personally host a Sukari tour for Barrick. I'll not pick that statement apart. All I will add is that Mr Horgan acknowledge a couple recent key former Barrick employee hires. I documented six individuals while another source close to Centamin recently confirmed in excess of ten former Barrick hires. Make of that what you will.

All in all kudos to Alex and Martin for hosting this investor meet presentation. I hope they will continue to engage using this convenient format. Best wishes to Alex in particular who will soon be a new mum ;-)

As to the questions that did not get addressed - hopefully they will soon be rendered irrelevant with some positive results both on the production and exploration side of the business.

Cairo, March 15, 2022
Last week Harmony Gold's CEO Peter Steenkamp and exploration lead/principal geologist Dylan Jeffriess visited Egypt to meet with the EMRA and in their words:
"the company expressed its aspiration to invest in the mineral wealth sector in Egypt"

Pictures and details here: http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=8375

My Thoughts:
Clearly more than one gold major is kicking Centamin's tires - now is not the time for our BOD to allow the share price to linger at such low valuations - Mr Horgan, please represent long term shareholder interests in this urgent matter

Sotolo -

Do you equate Centamin management not buying as proof some further bad news is imminent? And if so do you have any reason(s) to think thus?

Endeavour - $138million worth repurchased in FY-2021
Kinross - $100million worth repurchased in FY-2021
Also - Alamos, SSR, Anglo American, South32, the list goes on and on

And just announced for 2022
Barrick - proposed $1.0 billion
Agnico Eagle - proposed $500 million
Teck - proposed $100 million

These repurchases are on top of dividends -

So why hasn't Centamin repurchased shares yet?

Alternatively, why hasn't the BOD/CEO stated the current share price does not represent Centamin's true value?

Legit question(s) to submit for tomorrow's investor presentation

For those Centamin shareholders topping up at these levels - why? What bargain do you see that Centamin's BOD does not? Are you saying Centamin is undervalued and that the market in general has got its valuation wrong?

Comparing tax & royalty by country (excluding short term incentives)

Egypt 22.5% & 5%*

Côte d’Ivoire 25.0% & 6%

Mali 25.0% & 6%

Burkina Faso 27.5% & 5%

Guinea 30.0% & 5%

Senegal 30.0% & 3%

Australia 30.0% & 5%

Canada 31.0% & 3%

Ghana 35.0% & 5%

USA 47.0% & 5%

* Egypt's final gold royalty rate still in negotiations but minimum for gold set at 5% and maximum 20% according to the revised mining legislation

There is a precedent in the mega Nevada USA operations where Barrick and Newmont share ownership 60/40 - as well as the pair's joint venture at Pueblo Viejo in the Dominican Republic - and both parties are pleased with shared ownership in all the updates I read - so it's really no different with the EMRA 50/50 profit share - actually it is different in the fact that Centamin's capital expenses are fully recovered from the EMRA portion of profits - a big plus to anyone thinking to build another processing plant somewhere on the existing Sukari concession site

Anyways it's possible Newmont's new interest (or should I say newly *publicly* revealed interest - not to ruffle feathers ) could indicate Barrick would like Newmont to join them in any plans they have for Egypt - scuttling any Centamin M&A ideas I may have presumed

Whatever transpires clearly I'll be among the last to know - yet I'll read about how some others on this forum positioned themselves well in advance to take full advantage - such is life :-)

Have a good weekend all -

Geodrill ??

The “mining club Egypt” monthly event is growing at a rapid rate. #alhumdulillah

Last night especially was filled with many esteemed guests, investors and industry leaders from Saudi Arabia, Australia, South Africa, Texas, Canada and Egypt ???? , this months event is kindly sponsored by mining gurus and Industry Experts, Geodrill.

https://www.linkedin.com/posts/raadiyah-e-23410019_alhumdulillah-miningexploration-egypt22-activity-6910306582371196928-3HJP?

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I'll see if I can identify some of these 'industry leaders'

Hi SteveJones999 and Aether

re: Is it positive/good that Newmont enters Egypt?

For those punters who were hoping that a big player might be interested in buying Centamin to make a quick trade - this should be good news - you obviously need an interested buyer - and this is the first time to my knowledge Newmont has ever indicated interest in Egypt's mining scene.

For myself and perhaps other long term holders - I prefer if Centamin remains in control of Sukari because we haven't yet seen the value creation fully realized.

re: Isn't the current terms at Sukari a non-starter for Newmont or Barrick?

As Tibbs has pointed out many times in the past the 50/50 profit share isn't really egregious all things considered i.e. Sukari's ability to recoup capital/development expenses , the inexpensive labor costs associated with operating in Egypt, the low chance of environmental challenges being based in the barren desert, decent infrastructure, fantastic opportunity to utilize solar power, skilled workforce, etc

Additionally , we know Barrick , B2 and Centamin have been negotiating royalty rates with the EMRA for the new concessions and according to Mr Horgan the particulars are 90% complete - finalization is expected by Q3

To sum it up — Newmont like Barrick isn't interested in small, short duration operations - which means they see Egypt and more specifically Sukari as a long-life/large scale opportunity IMO

Thanks DASUT

Perhaps another problem for Mr Horgan if he were to address the questions regarding long- term issues — the necessity to dig up skeletons and point blame at past decisions made by the board. Which won't actually fix things and probably make it more difficult to work with them going forward.

That is the trouble with always having a CEO go between - the board never need address their failures. If a major screw up happens - out goes the CEO and his replacement repeats the cycle.

Therefore I would like some board members to address shareholders next week and answer questions

Aether

Newmont is the third (and largest by market cap) major to show interest in Egypt -

Centamin has the only commercially producing mine and largest - perhaps most prospective - land concessions

Therefore a case could be made for multiple offers to acquire or strike some sort of co-development deals with Centamin - the latter being this shareholders preference

Question 1:

Has Centamin's CEO and/or management hosted a tour of Sukari with employees and/or management of Barrick recently? And if so to what purpose?

Question 2:

Is Centamin's board of directors willing to publicly state that it deems the shares of Centamin PLC significantly undervalued ? And if they are not willing, please explain the reason(s) it deems Centamin shares are currently fairly valued.

Question 3:

When did the so-called 'bonanza grade' zone(s) actually get discovered? They just sort of appeared with the January 2022 presentation. Was it during the 'relogging' efforts of last year? And if so how did such amazing bonanza grades go unnoticed and unreported for a decade?

Question 4:

Is this statement true or false? "A 2D geoseismic programme was completed in 2019. Initial data interpretation is very encouraging, identifying multiple potential gold systems..." The statement appears in Centamin's 2019 Audited Annual Results.

https://www.investormeetcompany.com/

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How many will be answered ?

We’re delighted to welcome Newmont Corporation for 3rd Egypt International Mining Show - Virtual Connect 2022

https://www.linkedin.com/posts/egypt-international-mining-show_eims2022-miningevent-miningindustry-activity-6910105857653395456-XrxD?

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I didn't see Newmont entering the Egyptian scene... what or who will be their entry point?

For those who STILL want to know if Centamin has told us the TRUTH about the 'failed' 2D survey at Sukari - an educational primer to better engage with management.

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See how PureGold Mining Inc. TSX-V:PGM, LSE:PUR has harnessed 2D seismic for successfully targeted drilling!

When: Thursday, March 24th 2022
At: Canadian Exploration Geophysical Society (KEGS) virtual conference.
Presented by: Phil Smerchanski

https://www.linkedin.com/posts/hiseis_seismic-supports-successful-drilling-at-gold-activity-6910042302862286849-nNRl?

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Just want to say thanks to all posters for shedding light on Centamin's 2021 results

and also to thank the temporarily absent MrTibbles who is even now advocating on behalf of shareholders with investor relations and such

Some are satisfied with the 2021 results, some clearly not - but perhaps it's mostly the weakening gold price weighing on us today ?

Also, a reminder to all - please send in your queries before next week's investor event :
March Investor Presentation
23rd Mar 2022 at 2:00pm GMT
https://www.investormeetcompany.com/investor/meeting/march-investor-presentation-3

I've just added a third question to the platform:

When did the so-called 'bonanza grade' zone(s) actually get discovered? They just sort of appeared with the January 2022 presentation. Was it during the 'relogging' efforts of last year? And if so how did such amazing bonanza grades go unnoticed and unreported for a decade?

Thanks for posting that brilliant analysis Marmot -

(please don't wait so long between posts !)