Member Info for Cowichan

CEO Martin Horgan laid out the timeline for Doropo on his video with RBC

- Deliver Doropo PEA by Q3 2022 and assuming it's positive proceed to
- Deliver DFS 18 months from then (which takes us to approx Q4 2023) assuming that's positive
- Build a mine within 18 months of then (which takes us to approx Q1 2025)

Also, ABC won't be delivering gold until 2027 (as it's two years behind Doropo)

This means we could be a single asset company for 3 more years. How is that delivering value for shareholders?

Centamin's board is WAY too slow to develop assets. I think most of the board needs to go - they are dead weight - a hinderance to our survival.

https://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&eventid=3512860&sessionid=1&username=&partnerref=&format=fhvideo1&mobile=&flashsupportedmobiledevice=&helpcenter=&key=730F3DE40842E2667B62401391D0B059&newConsole=true&nxChe=true&newTabCon=true&consoleEarEventConsole=false&text_language_id=en&playerwidth=748&playerheight=526&eventuserid=494384500&contenttype=A&mediametricsessionid=427217270&mediametricid=4930159&usercd=494384500&mode=launch

PS Mr Horgan said they could be looking for assets around Doropo in terms of M&A - said bankers keep knocking on the door with their pitchbooks

Also said he doesn't see Centamin in South America or Asia in terms of M&A

Speaking to Anthony Vaccaro, president of The Northern Miner Group during a keynote session, Bristow said fund managers’ ambition to gain more relevance often meant shareholders didn’t get the best value from the opportunities at hand.

“My critique is that actually through the behavior of many fund managers, we keep forcing the gold industry into a trading platform and not developing long-term value,”

“The single-asset companies should be wrapped up because then you can invest on the back of that investment. And fixing broken assets in an industry where the average life of mine is ten to 15 years — right now it’s under ten — makes it more difficult, and it makes it more difficult to consolidate the industry. And so then the fund managers want to have that control,”

https://www.mining.com/between-fund-managers-and-miners-much-value-left-on-the-floor-says-barrick-ceo/?utm_source=dlvr.it&utm_medium=twitter

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My Thoughts:
Not many single asset companies of scale left - and even fewer that were 'broken.' Wonder what mine(er) Bristow had in mind?

As a shareholder of a (formerly?) broken single asset I'm not fond of the term 'wrapped up.'

Regarding the quote from a mining expert (whom I highly respect AND agree with):

"You need good grade in Western Africa to pay for extraction there. There is such a thing as an African cost structure and it is relatively high. To that you need to add the security risk which is increasing annually with the fundamental islamist insurgency. Sure, the comment below about forfeiting 1.4 million ounces may be true, but are they economic ounces? It may well be a case of preventing throwing good money after bad money."

--------------------------->>>
My Thoughts:

Here is an actual statement from Centamin outlining their Wadaradoo rationale:

"Focused capital allocation with clear and frequent investment decision points towards value creation. If those decision points are not satisfied, then there needs to be the discipline to stop committing further capital and instead assess alternative opportunities for the asset."

So is that what management did in the case of Wadaradoo - 'assess alternate opportunities for the asset?'

No.
All the value that was created through exploration and drilling was forfeited. Perhaps $300 to $400 million of value creation. Gone. I hardly think 'not throwing good money after bad' is a good idiom for what transpired. May I suggest (for the UK audience) 'Penny wise pound foolish.' a better fit?

Just think about all the quarterly presentations where Centamin's management crow on and on about how they will find ten or twenty million in cost savings through efficiencies, reducing waste, saving fuel and so forth.

Should they then scoff at a shareholder suggesting Wadaradoo offered value through divesting?

Furthermore, Wadaradoo is right next to Batie West and Batie West is right next to Doropo.

Any issues with security will effect the entire area as it's literally a dozen kilometers separating one from the next and the next. And as far as metallurgy and good grades go - the new owner Altair gives a glowing report. See here: https://www.linkedin.com/posts/don-lawson-98619370_gold-activity-6866852365631332352-0pTv

And finally, the mining expert adds this:

"Funny how often people believe that management makes decisions unfavourable to the company and, by extension, them."

Well, people often think the government makes decisions unfavorable to the citizens/taxpayers. Is it blasphemy to imagine a board of directors making unfavorable decisions as well?

Bottom line is I do have an ulterior motive when it comes to my criticisms as a shareholder. And that is to see corrective action taken so our share price can appreciate & Centamin can grow. The board has been sitting on their hands and squandering assets far too long.

Honestly, isn't it those that make blanket excuses for the board's massive failures which ought to be questioned as having ulterior motives? Don't get me wrong, I understand the point of being positive minded - but there comes a time where one also needs to be pragmatic and

Tietto Minerals - Cote D'Ivoire
- In Q2 2019 Abujar gold project gets updated JORC resource
- In October 2020 project receives environmental approval
- In December 2020 project receives mining license approval
- In October 2021 Definitive Feasibility Study Completed
- In Late October 2021 Tietto announces it will fast-tracking the development of the Abujar Gold Project in Côte d’Ivoire, West Africa, targeting first gold in Q4 CY2022.

https://www.tietto.com/investor-centre/presentations/

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My Thoughts:
Behold! Tietto's clear, concise timeline. No ambiguity. No infinite delays. Actual communication with shareholders - delivering on all that 'creating value' talk.

Contrast that with Centamin's progress (or lack thereof) in Cote D'Ivoire.
- In 2017 Doropo Project, Côte d’Ivoire gets an updated JORC resource est 1.35Moz indicated
& 0.9Moz inferred
- years and years pass...
- In May 2021 Doropo PEA was released - at which time
- Board approves US$14 million spend to advance the project to PFS stage by mid-2022

Whoa! Slow down there cowboy - are you sure we can handle moving that fast?

It really is total BS - and I say it's time the current slate of Centamin board members bugger off to another company and SLOW THEM DOWN. Please and thanks.

Now I'm sure somebody out there is going to say Centamin takes their time so they don't rush in and make costly mistakes. Ya right. They can make costly mistakes just fine after a decade of wait-and-see delays.

Somebody please share this post with Centamin.

Excellent article shared by Goldgnome re: West African Resources.

Details the success that can be had with MODEST operations in Burkina Faso - compare that with Centamin's debacle in Burkina Faso.

To ignore the past is to repeat it!

"If you had invested in [West African resources] the company five years ago while it explored, studied, funded and delivered its Sanbrado gold project in Burkina Faso, you would be sitting on a more than 400% gain."

So where are we with Batie West TEN years later? Zero value creation so far. Can't even get a response from management as to the status. Are we selling? IMO some new Centamin directors are needed, pronto.

https://www.westafricanresources.com/investor-centre/presentations/

Any progress with the Batie West #gold deposit? The directors needs to act before relinquishing more gold reserves - just as they lost the 1.4 million ounce Wadarado deposit 2 years ago. $CEY
@northernminer @CityAM @MiningNewsNet @PanmureGordon @PerseusMining @SIBSTILL
@MinesAndMoney

https://twitter.com/DonLawson_/status/1461030247151800328

https://www.linkedin.com/feed/update/urn:li:activity:6866653693563985920?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6866653693563985920%2C6866798950725259264%29

From Q3 Report:
"The Company will publish updated Sukari Mineral Reserve and Resource statements and the results of the Sukari Life of Asset (Phase 2) optimisation work programme on Wednesday 1 December 2021."

From Yesterday:
"Centamin will host a virtual investor presentation on Wednesday, 8 December 2021. Members of the Executive and Senior Management team will present the updated life of mine plan for the Company's flagship asset, the Sukari Gold Mine, including further identified opportunities, framing the long-term vision of the asset."

Not that a single instance matters - but changing a date should be followed up with an explanation.

Why? Because it's been a horrible habit over the years with more important stuff. For example - we are promised resource update for project X during consecutive quarterlies then suddenly you hear nothing for 12 months. Then nothing for two years. Then you ask. Then you are ignored. Then the project never existed.

Accountability - from the little details to the multimillion dollar boondoggles - it's all related.

Disclaimer: I hold the long term directors and tenured management to account. Our CEO doesn't yet have the history to be included in such criticisms.

Hi Tibbs,
I've sent previous iterations - but not today's particular wording. Perhaps Tyler Broda will notice the tag on LinkedIn - but I doubt such an uncomfortable question would make the final cut.

If only to hear a "We're working on it" publicly. Ignoring the deadline(s) are what lost Centamin shareholders a 1.4 million ounce gold reserve at Wadaradoo. We keep hearing management talk about 'value creation' but when the rubber hits the road it's the shareholders who are left in the dust...

https://www.linkedin.com/feed/update/urn:li:activity:6866344741919830016?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6866344741919830016%2C6866409145592012801%29

Centamin PLC investors deserve to know if there is any progress divesting/developing the #BurkinaFaso Batie West / Konkera gold deposit. Centamin's board of directors need to act before relinquishing more gold reserves to the state AGAIN. Don't allow shareholders to be burned twice. Let's not forget that under the previous CEO Andrew Pardey's watch Centamin shareholders lost tens if not hundreds of millions due to inaction - allowing the 1.4million ounce Wadaradoo deposit revert to the state. The Batie West deadline is now upon us. Tyler Broda Rick Rule Martin Horgan Ross Jerrard BlackRock B2Gold Corp. Orezone Gold Corporation Endeavour Mining Corporation Barrick Gold Corporation RBC BMO Financial Group LSEG (London Stock Exchange Group) #mining #firesidechat

I've contacted the market regulators who oversee the TSX and the exchange itself but their reply is generic - expecting the whistleblowers like us to provide specific evidence that incriminates i.e. official supporting documents of a crime - which would be quite laughable if they weren't serious.

That said I suppose there's just not enough resources for the so-called regulators to follow up on such allegations of corruption - especially when acts of bribery etc. take place on foreign soil.

Also, great posts. Rick Rule's commentary is always worth a detailed read.

This is interesting:

"Some B2Gold Corp. (TSE:BTO) shareholders may be a little concerned to see that the Senior Vice President of Operations, William Lytle, recently sold a substantial CA$829k worth of stock at a price of CA$5.03 per share. That diminished their holding by a very significant 100%, which arguably implies a strong desire to reallocate capital."

https://simplywall.st/stocks/ca/materials/tsx-bto/b2gold-shares/news/trade-alert-the-senior-vice-president-of-operations-of-b2gol

https://www.b2gold.com/corporate/management/

My Thoughts:

This fella divested all his company shares. Why? Perhaps he's on the way out or perhaps he's reinvest in Centamin ? Pure speculation of course but whatever he's doing this is insider knowledge at work!

Also, the B2Gold LinkedIn post has 40 Executive Director interactions - by far the most of any.

https://www.linkedin.com/posts/don-lawson-98619370_gold-mining-mena-activity-6861428239311650816-_1WY

-The terms of protocol indicate that the EMRA has to coordinate and take initial approval from the EEAA before contracting or offering any bid for gold mine exploration

- the EEAA would be responsible for issuing environmental approvals within a maximum of 30 days for incoming requests that are in line with its standards.

- On this occasion, El Molla stressed the importance of the current coordination and cooperation between the two ministries in the environmental aspect of mining projects as well as the
optimal exploitation of mineral resources.

My Thoughts:
a maximum 30 day time frame is insanely fast for an environmental approval - hurray!

https://egyptoil-gas.com/news/emra-eeaa-sign-cooperation-protocol-for-environmental-approvals-in-mining-projects/

Implications:
- cut the time to issue tenders by introducing new mechanisms for how the government contracts with private businesses.
- Private-sector players will be able submit unsolicited proposals, while the government would also be allowed to negotiate directly with a sole bidder without needing to take the project through the competitive bidding process.

This should be helpful to Centamin (and others? like Sawiris) wishing to codevelop a project with a government owned enterprise i.e. Shalateen

https://www.masrawy.com/news/news_egypt/details/2021/11/15/2123341/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D9%86%D9%87%D8%A7%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D9%85%D8%B4%D8%A7%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D9%81%D9%89-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-

True enough Razor - although Canada has rejected several proposed acquisitions in the mining space from Chinese 'companies' presumably for their lack of transparency and/or connections to the Party.

African countries are proving themselves much less persnickety.

You appeared in xyz searches this week
Where your searchers work
Investment Banking Analyst 10%
Public Relations Specialist 10%
Business Analyst 10%
Corporate Finance Specialist 7%
Legal Contract Administrator 7%
Centamin, SRK, Endeavour, Barminco & these guys https://www.hatch.com/Projects top the list

PS MrBond --> Good advice re: not holding grudges against Endeavour/Sawiris. The possibility exists we may soon be partners in Burkina Faso.

As another forum member posted earlier this week:

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"His ( Naguib Sawiris) gold fund has agreed to sell its controlling stake in Golden Star Resources Ltd, one of three gold companies under its control, to China’s Chifeng Jilong Gold Mining Co Ltd. The Chinese company said on Nov. 1 it had agreed to buy Golden Star for $291 million.

“The new funds and the cash coming from the sale will be reinvested,” Sawiris told Reuters in an interview

“So the fund will also be looking at these opportunities, and we’re also continuing to do its traditional work, acquiring gold assets and building them up into much bigger companies.”

<<<---------------------------

One thing is certain - for his age Sawiris has a lot of irons in the fire - our comparatively 'young' board of directors could learn something from that old man's drive to succeed

Endeavour's Burkina Faso country manager Adama Soro enlists True Method Mining Recruitment (London) to find :

'French speaking HR Manager for an international mining operator in West Africa. Experience in leading Human Capital best practices, Labor Law and Industrial Relations Management in the project mining set-up are essential.'

But a new mine for Endeavour in Burkina Faso isn't in the works, or is it?

MINISTERS COUNCIL MINUTES FOR WEDNESDAY, NOVEMBER 3, 2021
C. MINISTRY OF ENERGY, MINES AND QUARRIES

The Council adopted two (02) decrees. ** / ++

The first decree appoints Mrs. Aminata OUEDRAOGO / SEMDE, Mle 54 661 J, Inspector of the Treasury, Administrator representing the State, under the Ministry of Economy, Finance and Development to the Board of Directors of the mining company KONKERA SA (note: this is Centamin's local company name**), for a first term of three (03) years.

The second decree appoints Mr. Salif OUEDRAOGO, Mle 56,702 G, Administrator of financial services, Administrator representing the State, under the Ministry of Economy, Finance and Development to the Board of Directors of the mining company RIVERSTONE KARMA SA (note: this is Endeavour Mining's local company name++) for a first term of three (03) years.

https://www.gouvernement.gov.bf/informations/actualites/details?tx_news_pi1%5Baction%5D=detail&tx_news_pi1%5Bcontroller%5D=News&tx_news_pi1%5Bnews%5D=664&cHash=eac01bf272c89e3dfe83b96c06a83f21

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My Thoughts:

Remember - The above decree is only a week old...

So to summarize for those who are unfamiliar - Konkera is the Batie West project in Burkina Faso that Centamin decided they weren't going to develop alone - due to lower than required rate of return. Thus they were going to find another company to develop it or divest it - although the time they have left to do so is fast running out.

The fact that the Ministry of Mines has just appointed a representative to Konkera's Board of Director's (to represent the state's 10% free carry interest) is significant - meaning talks must have concluded successfully regarding the 1) disposal or 2) joint development of the Batie West/Konkera deposit.

However, the significance of the second decree issued on the same day/same meeting may indicate some type of deal has been struck between Centamin and Endeavour regarding Batie West. I don't know HOW I feel about that possibility yet.

Regardless, I've posted a picture of the mining decree & map showing the current state of Konkera's mining permit here:

https://twitter.com/DonLawson_/status/1458953135217545224

Other thoughts welcome!

As per an agreement signed in July 2019 between Nubian Mining Co and Shalateen - Nubian Mining Co shall:
- DIRECTLY EXPLOIT AN AREA OF 15 KM2 (EXPLOITATION GRANT - DUNEIBET EL QULEIB BLOCK) “PRIORITY”, AND
- PROCESS AND EXTRACT GOLD FROM ORE.UNDER THE SUPERVISION OF SMRC.
(Sorry for the all caps - just copy/paste from web pages!)

Various consulting/exploration work is currently being done by SRK - see pictures here:

https://www.linkedin.com/posts/ahmed-atito_after-an-exciting-career-as-an-exploration-activity-6864525244611227649-7Y6w

Just how this skirts or embraces the new royalty and rent scheme I don't know but it would seem plausible a similar arrangement could be signed between Centamin and Shalateen for the areas below and above Sukari which were just 'given' to Shalateen.

Nubian Mining Website https://nubianmining.com/

Sayed Gomaa - Head of Geological & Technical Review Section at Shalateen Mineral Resources Company.
2h • 2 hours ago

AkhGold is now hiring graduate geologists for its Egyptian exploration team. Qualified persons should send their CVs to:
careers@akhgold.com

https://www.linkedin.com/posts/sayed-gomaa-33b291205_akhgold-is-now-hiring-graduate-geologists-activity-6863863821245779968-sNnL

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Never have I ever seen Egypt's state owned Shalateen advertise jobs for Centamin or Aton - but now they are advertising for a Sawiris company?!

What does this mean? Does Shalateen have some arrangement with Sawiris that obligates them to do this man's bidding? Are those concessions above and below Sukari in danger of winding up with Akh/Altus or even Endeavour? Strange things happening...

Newcrest buying Pretium

Stats:
Production 325- 365k gold ounces /year
AISC $1060 to $1190
Debt $200 million
P&P Reserves 3.9 million ounces
No dividend - ever
Market Cap at close today $ 2.84 billion CAD (purchase price will be $3.5 billion) a 23 to 29% premium depending on the average $ length

We all know Centamin's superior stats --> yet our market cap $ 1.8 billion CAD

Are we not underpriced? Vulnerable?

https://www.pretivm.com/investors/Newcrest-Transaction/default.aspx