Member Info for Cowichan

A note regarding Centamin's UK representative Buchanan ( buchanan.uk.com ) and the false claims they have made.

I have contacted Buchanan several times regarding a resource update & scoping study at Batie West in Burkina Faso (as have others i.e.Jeph, etc.) and their response was to say Centamin never promised a resource update or scoping study.

I find this dismissive and dishonest tact very disheartening not only for Centamin shareholders but also professionally. I've pulled two examples from Centamin's website that dispute Buchanan's false assertions whilst there are clearly more available.

Annual results for the year ended 31 December 2017
Released : 31 Jan 2018 07:00
RNS Number : 4028D
Centamin PLC
31 January 2018
(excerpt from page 12)

Burkina Faso
Centamin holds a 1,258km² licence package. The 2017 exploration strategy was to target potential reserve growth within a 25km radius of the processing plant at
Konkera North. Two extensive GAIP surveys were completed covering Konkera and Gangal-Tonior SE. Systematic auger drilling identified a number of gold
anomalies/intersected significant gold bearing structures within the target blocks.
Soil geochemistry, auger drilling and air core drilling is under way throughout 2018, with the aim to deliver a resource update.

https://otp.tools.investis.com/clients/uk/centamin_plc/rns/regulatory-story.aspx?cid=1756&newsid=972292

Interim 2018 Results
Released : 02 Aug 2018 07:00
RNS Number : 5572W
Centamin PLC
02 August 2018

(excerpt from page 2)

Batie West Project, Burkina Faso, is in the final stages of an internal scoping study with independent consultants Cube Consulting.

https://otp.tools.investis.com/clients/uk/centamin_plc/rns/regulatory-story.aspx?cid=1756&newsid=1131940

I would encourage Centamin's board to strongly consider removing Buchanan as their representatives.

Attention Centamin shareholders — please let the board know you expect the following THREE concerns to be addressed concurrent with the Q4 results announcement January 30, 2020

1) Why has the Scoping Study for Batie West Project been shelved? It was promised to be released in 2018. We paid for it - so where the h*ll is it?

2) Why has there not been an UPDATED Resource Estimate in Burkina Faso despite a vast amount of exploration drilling and tens of millions in expenditures over numerous years?

The standing resource estimate is grossly irrelevant as it only contains drilling data prior to 2014 - all of which is exclusively Ampella's drill results (i.e. 2013 and older) Not acceptable!

3) Why has the Doropo economic feasibility study been delayed? It was promised to be released in October 2019

Releasing this data AS PROMISED will have a significant effect on the share price & subsequent value of any further merger proposals - which WILL arise ANY TIME NOW that the Egyptian mining executive regulations have been approved (thanks Siko for keeping us posted!)

**We need to remember this is a total game changer in Egypt because it brings the era of profit sharing to an end and makes Egypt extremely competitive. Many companies will be eager to invest.

** Centamin's failure to publish this information on January 30th will constitute a serious breach of trust towards shareholders and a critical failure of disclosure to be addressed by market regulators in Canada and the UK. **

----------------------------------------->>>>
I encourage all shareholders to contact IR immediately
Investor Relations
Alexandra Carse
Email: alexandra.carse@centamin.je
Telephone: +44 (0) 1534 828700

Today's power point presentation makes mention of that on page 11 saying:

"In addition, the parties have benefited from the pre-existing knowledge of senior employees who have worked for both companies in the recent past."

Some interesting other tidbits are tucked inside the presentation like the solar study has been completed and a return to including Batie West/Burkina Faso in development talk

hope to get lots more details on Jan 30

https://www.centamin.com/~/media/Files/C/Centamin/documents/presentations/2020/Copy%20of%2020200114%20-%20Centamin%20Corporate%20Update%20Presentation%20Final.pdf

Attention Centamin shareholders — please let the board know you expect the following THREE concerns to be addressed concurrent with the Q4 results announcement January 30, 2020

1) Why has the Scoping Study for Batie West Project been shelved? It was promised to be released in 2018

2) Why has there not been an updated resource estimate in Burkina Faso despite a vast amount of exploration drilling and tens of millions in expenditures over numerous years?
The current resource estimate is grossly irrelevant as it only contains drilling data prior to 2014 - all of which is exclusively Ampella's drill results (i.e. 2013 and older) Not acceptable!

3) Why has the Doropo economic feasibility study been delayed? It was promised to be released in October 2019

Releasing this data AS PROMISED will have a significant effect on the share price & subsequent value of any further merger proposals

Failure to share this information continues to be a serious breach of trust towards shareholders and a critical failure of disclosure to be addressed by market regulators in Canada and the UK.

----------------------------------------->>>>
I encourage all shareholders to contact IR immediately
Investor Relations
Alexandra Carse
Email: alexandra.carse@centamin.je
Telephone: +44 (0) 1534 828700

It's a mad, mad world.
Endeavour Mining Corp
TSE: EDV
24.77 CAD +1.11 (4.69%)

It's also caught the eye of the Financial Times Natural Resource Editor Neil Hume. A tweet from him this morning:

'They do things different in Canada. Endeavour Mining's biggest shareholder had been buying stock as the deadline approaches in the Centamin bid battle.'

https://twitter.com/humenm/status/1216711834784411649

Any legal opinions?

We deserve a honking big dividend just for Enduring this bloody barrage of form 8.3's

Somebody Please make it stop.

Hi Bob,
Yes, I'll send a note to IR with the details. Figuring out how to best exploit the deeper areas of Sukari and then the adjacent ore bodies should be top of mind for our board and management.

Torex Gold has made a great case for adopting updated methods of underground mining - clearly many more efficiencies are able to be gained as technology is added to the mix. Cheers!

Would love to see Centamin at the forefront of innovation & look to employ some capital on the likes of this...
( Check out the link to a presentation or visuals etc. )
30% reduction in underground capital expenditures
20% reduction in underground operating costs

1) Less tunneling, both in length and cross sectional area.
2) Efficient two-lane traffic instead of single lane traffic, facilitates just in time delivery.
3) Greater mining rates are possible due to continuous ore removal from stopes.
4) Muckahi equipment is designed to be long-narrow-low, which is ideal for narrow veins.
5) Complete electrification is readily possible because the ‘heavy lifting’ is done by electric conveyors.
6) Automated transport is readily possible due to the absence of a need to steer on the monorails.
- 30 degree ramps are 4x steeper and one quarter the length of ramps used in
conventional underground mines.
- Muckahi transport systems are long-narrow-low, allowing for
smaller tunnels than conventional truck operated mines.
- Less infrastructure is expected to be excavated:
- No crusher stations
- No muck bins
- No supply storage
- Much less excavation for ventilation

https://www.torexgold.com/assets/docs/presentations/Muckahi%20Presentation%20-%20December%202019.pdf

Supercharger - have you considered that the recent operational success at Centamin has been a direct result of the nagging and complaints other long term holders have been making these last two years (to both management and regulators!)

Fine to claim a victory but please don't demonize the soldiers with mud on their uniforms.

Hi MrBond,
We know many drill holes did 'encounter ore' as you put it. The grades and lengths of occurrences are very much publicized on quarterly updates. And that is entirely the point - with so many excellent drill results covering a vast area it is incumbent on Centamin to calculate an estimated resource of ALL that new drilling. It doesn't take very long to do so. In fact there are some on this chat board who can make a very rough estimate of resources based on the drill result logs (albeit a very inadequate assessment)

Imagine if there was no resource updates to the main Sukari resource over the past six years.

Would that be fair to shareholders? Of course not. But this is exactly what has happened in Burkina Faso. It is not acceptable. And all the more in light of the Endeavour merger attempt which seeks to capitalize on the lack of disclosure.

Hi Bobliz35,

The response I got from Buchanan sounds similar to yours, referring me back to the yearly/quarterly reports of the past.

Unfortunately those reports do not address the lack of disclosure I pointed out, chief among them a complete failure to provide any resource update as to a current resource assessment in Burkina Faso.

Despite many hundreds of thousands of meters of drill cores attained over the last six years all over the greater Batie West concession area Centamin shareholders have been denied an assessment of those results.

Buchanan would have us accept that Ampella's drill results and resource estimate from 2013 is sufficient reporting for shareholders - an idea that is as ignorant as it is insulting.

I continue to hold out hope that regulators will be (and have been!) in contact with Centamin's board outlining the concerns some of us have raised. Who knows, perhaps our complaints in 2019 had a role to play in Andrew Pardey's departure. Clearly there is more housecleaning needed.

Attention Centamin shareholders — please let the board know you expect the following concerns to be addressed following the expiration of Endeavour's merger attempt on January 15th 2020

1) Why has the Scoping Study for Batie West Project been shelved? It was promised to be released in 2018

2) Why has there not been an updated resource estimate in Burkina Faso despite a vast amount of exploration drilling and tens of millions in expenditures over numerous years? The current resource estimate is grossly irrelevant as it only contains drilling data prior to 2014 !!

3) Why has the Doropo economic feasibility study been delayed? It was promised to be released in October 2019

Releasing this data as promised would have had a significant effect on the share price & subsequent value of the merger proposal by Endeavour Mining.

Failure to share this information has been a serious breach of trust towards shareholders and a critical failure of disclosure to be addressed by market regulators in Canada and the UK.

----------------------------------------->>>>
I encourage all shareholders to contact IR and market regulators as I have
Investor Relations
Alexandra Carse
Email: alexandra.carse@centamin.je
Telephone: +44 (0) 1534 828700

The Investment Industry Regulatory Organization of Canada IIROC
Toll-free: 1-877-442-4322
email: InvestorInquiries@iiroc.ca

Ms Cobbett c/o Financial Reporting Council
Central Complaints Manager
Governance & Legal Team
e: a.cobbett@frc.org.uk
t: +44(0)20 7492 2497
Financial Reporting Council, 8th Floor, 125 London Wall, London, EC2Y 5AS

CEE $ 2.18 CHANGE 0.00 (0.00%) VOLUME 4,300

The trading volume in Toronto sucks...

The following concerns have not been addressed despite repeated attempts to engage Alexandra Carse of 'Investor Relations' and more recently CFO Ross Jerrard :

1) Why has the Scoping Study for Batie West Project been shelved? It was promised to be released in 2018

2) Why has there not been an updated resource estimate in Burkina Faso despite a vast amount of exploration drilling and expenditures over numerous years?

3) Why has the Doropo economic feasibility study been delayed? It was promised to be released in October 2019

Releasing this data as promised would have had a significant effect on the share price & subsequent value of the merger proposal by Endeavour Mining.

Failure to share this information has been a serious breach of trust towards shareholders and a critical failure of disclosure to be addressed by market regulators in Canada and the UK.

----------------------------------------->>>>
I encourage all shareholders to contact IR and market regulators as I have
Investor Relations
Alexandra Carse
Email: alexandra.carse@centamin.je
Telephone: +44 (0) 1534 828700

The Investment Industry Regulatory Organization of Canada IIROC
Toll-free: 1-877-442-4322
email: InvestorInquiries@iiroc.ca

I did. Here is the contact email and what I wrote. Make sure to include your address & name

Email: supportgroup@thetakeoverpanel.org.uk
-------------------------------------------->>

Is it permissible that Endeavour Mining can pursue a merger with UK listed Centamin Plc while its own CEO Mr. Sébastien Montessus is undergoing a judicial investigation for bribery & fraud in France?

Surely there are rules against mergers while a key director is the subject of an international criminal probe?

More information available here:
https://thismon.ee/a/7767529

Thank you for your attention
(Your Name Here)

I am sorry to disrupt your sleep cycle Rebess old friend - but I think you'll sleep much more soundly if WE can stir up enough attention to these matters to get management to clean house.

I copied the last post and sent it off to the usual Centamin email addresses.

If you feel strongly about this please do the same !

Also, I'm going to send the same to Endeavour contacts and Capital Drilling contacts. The more scrutiny the better.

This post should please my good friend Rebess (as I tore a page out of his playbook!)

All this time I was toying with the idea that our outgoing CEO or someone within Centamin's board has been working against us in order to artificially suppress the share price BUT what if the sabotage has come from an outside source with connections to Endeavour? Someone like Capital Drilling?

Question: Has Centamin's management sufficiently explained the continual (going on two years!) poor grading control in the main pit?
Which just happens to be under the authority and watchful eye of Capital Drilling?

Or has management ever come clean with the ill fated long hole drill rig LHDR? I spotted this article which seems to imply the LHDR was damaged when it was left in the blast zone!? Who did that? Capital Drilling?!
https://www.thetimes.co.uk/article/endeavour-needs-to-dig-a-bit-deeper-g5p06w5fc

"All gold miners enjoy a spot of pyrotechnics. Take Centamin. It had such an explosive day of it last year that it clean forgot to remove its own kit from the blasting zone. The upshot? A poleaxed “long hole drilling rig”.

Still, what chance the London-listed miner proves as skilled at blowing up unwanted bid proposals? It’s on the end of a £1.47 billion tilt from Endeavour Mining...."

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

I think we as shareholders should be questioning the failures of Capital Drilling as more than just bad luck - especially as they have dealings with Endeavour in West Africa.

Why hasn't Centamin dumped Capital Drilling in light of two years of failed performance and critical mismanagement - especially with the LGDR? I think we previously chalked up its demise to poor maintenance - BUT the above article says otherwise!

We need answers. Now.

The changes have yet to be approved and it would only matter if the current agreement between Pharaoh Gold Mines & the EMRA became a SWF holding. No idea if that is in the cards.

Egypt's Cabinet passes amendments to restrict legal action against Egypt’s Sovereign Wealth Fund : The Madbouly Cabinet greenlit on Thursday legislative amendments that would limit the scope of legal action that can be taken against the Sovereign Fund of Egypt (SFE), according to a statement out following cabinet’s weekly meeting. The changes would, if passed, shield contracts the fund has signed from third-party legal challenge. The fund cannot be challenged in a legal context for “any measures” it had undertaken “to achieve its goals.” The only exception allowed is in the case that the fund or the party that has signed a contract with the fund is implicated in criminal wrongdoing related to the contract. Presidential decrees to transfer public assets to the fund can also only be appealed by the entity which directly owns those assets or by the fund’s management team. The fund’s goals were broadly specified in a 2018 law as “contributing to sustainable economic development [in Egypt].”

The article describing the fund’s activities now states that among its responsibilities is to “manage assets and holdings of state-owned entities and bodies, or [state-]affiliated bodies and companies” when called for.

Why is this necessary? Think for a moment about what certain grandstanding members of the bar have done with the power to file third-party lawsuits.

http://www.cabinet.gov.eg/Arabic/MediaCenter/CabinetNews/Pages/cm71.aspx